Responsible Lending

Think carefully before you take a short term loan and make sure that you are able to repay the outstanding balance on the due date.

Before you take out a loan, ask yourself these questions:

  • Do I really need to take out a short term loan?
  • Can I repay the loan in full on the due date?
  • Will taking out a loan and repaying it in full help me get out of debt?
  • Do I have a good credit history and credit score?
  • Am I responsible with money?
  • We want to help you become better at managing your finances. If you answered no to the above questions, we strongly recommend finding an alternative.

Approval process

In order to protect you and our customers, we assess each application on an individual basis to make sure that you can afford the loan before we approve it. This way, we’re not putting you in a difficult financial situation. We’re here to help and we want you to manage your finances better.

Credit checks and credit history

As a responsible lender, we will conduct a full credit search if you meet our criteria. This means running your application through credit bureaus and reviewing your credit history. If you happen to default on your loan, we will notify a credit agency, which means that you might find it difficult to obtain credit in the future.

Interest will continue to accrue on the credit you have borrowed and you will receive late payment fees according to the terms of our credit agreement.

Transparency of terms and conditions

All terms and conditions are clearly displayed upfront before you make a decision about whether to apply for a loan. There are no unnecessary or hidden fees. What you see is what you pay back. The only way the cost of the loan will increase is if it is not paid it back on time.

You can find more details, including charging structure, in our Get Help section.

Customer satisfaction and trust

Customer service is important to us, and you will be treated in a helpful and courteous manner. Our customer service team is available to answer any questions you may have throughout and the entire loan process and agreement.

One day prior to the payment due date, we will send you a reminder to make sure you don’t miss it, and so that you do not receive late payment charges.

Your information is 100% secure

All information that you share with is kept 100% confidential. As a fully licensed credit provider, our entire process is designed to protect your personal information. We are VeriSign certified for SSL encryption of all transmitted data and, we abide by our Privacy Policy to keep your information confidential.

Collections Practices

We lend out short term loans to you and our customers in good faith and therefore, we expect full repayment on the due date. If you have any problems in paying back the loan, it is important that you contact us immediately, and preferable in advance and before the due date.

We will be fair to you. We understand circumstances change and will offer you payment alternatives.

We will take particular care if you are suffering from health problems, including mental health difficulties, when we are made aware of this. In order to do this we may need to ask for appropriate evidence of your health problem and may need your permission to record this information on our system.

Peachy is also a certified partner with the Consumer Finance Association. This means that we follow the CFA code of practice for lending, which protects and benefits you.

Direct Debit

Peachy uses Direct Debit to collect payments, it is a simple, safe and convenient way to manage your household bills or make regular or occasional payments from your bank account. You agree with us the amount to be collected and the date of payment. From then on the amount will be deducted from your account as agreed. In case there is a change in the amount or collection date, we will notify you first.

Non-Payment and Financial Implications

Make sure that you are able to repay your loan before completing your loan application.

We have the option to refer your case to our debt collection partner. If this happens, it may result in additional charges that have incurred as a result of the repayment date being missed and pursuing you for the payment.

Please note that we may try to collect your loan automatically on a daily basis and we might try to collect it in parts until your debt has been fully recovered.

Renewal (Loan Payment Holiday) Policy information

As mentioned, we are here to help you with your finances. To honor this promise, we allow you to take a loan payment holiday for up to two times.

You are allowed to take a loan payment holiday for up to 2 times. You may apply for loan payment holiday through the ‘my account’ area or by simply sending an SMS saying EXTEND to 68899.  Please note that in order to take a loan payment holiday you need to pay the outstanding interest and fees of your current loan.

All loan payment holidays are at our discretion and subject to us meeting our responsible lending obligations. If you can’t repay your loan on the due date, you shouldn’t apply for a loan payment holiday as that option is only suitable for customers who are not experiencing financial difficulty.

Please note that loan payment holiday can substantially increase the total cost of your loan.

Affordability

We want to act in a customer’s best interests, ensuring affordability, transparency of terms and conditions and supporting a borrower if they experience repayment difficulties.

We want to be sure that you understand the details of a loan and carry out thorough checks on any borrowers, so we can be confident that what you will receive will be suitable for your circumstances.

About Peachy and our Trust Logos

Cash On Go Ltd. is committed to responsible lending and adheres strictly to the rules laid down by the Consumer Credit Act.

Loans offered by Cash On Go Ltd are a short term solution to cover any unexpected cash shortfalls. These are intended to improve your short term cash flow. We do not recommend the use of these loans for longer term borrowing.

At Peachy, we understand the importance of building trust with our customers which is why we work with external companies and agencies. Take a look at the following ones we work with to make our business better:

Call Credit is a dynamic credit assessment agency that helps lenders understand the credit profiles of their customers. Peachy uses Call Credit’s services for identity verification as well in order to protect its’ customers and its business. Call Credit’s services include credit reporting, verification and scoring. The benefits of using Call Credit for Peachy are endless – customers know that we are the responsible lender that uses third party help to find the right customers for our company which means we serve consumers who care about their personal finances.

Norton Secured is a brand from Symantec that protects websites by encrypting information that needs to be protected. You normally see this on e-commerce websites because customers are using their credit and debit cards to shop for things. These certificates mean that information is stored securely and it is protected. The certificates are known as SSL Certificates and they are critical to help consumers and companies interact with each other. For Peachy, the encryption and certificates that are used help to show how committed we are to protecting our customer’s data by putting their needs first. Responsible lending is all about protecting data which is what we are dedicated to.

CIFAS is an organisation that is committed to fraud prevention. CIFAS helps companies and organisations save money against fraud, as well as offering services that prevent fraud. More than 300 organisations are members of this association and we are proud to say that we are also members. Fraud prevention services mean that we can offer high calibre service to our customers because we can focus on making borrowing something that is easy, not fraught with fraud.

CSA is the Credit Services Association. The CSA works to ensure that unpaid credit accounts and debt recovery is managed well by organisations and companies within the industry. Peachy is a member of the CSA to show its commitment to lending responsibly but also to ensure that it adheres to responsible ways of recovering funds and managing accounts.

CFA is also known as the Consumer Finance Association; this association is popular with many responsible lenders because it is totally dedicated to the world of consumer finance. This market has exploded recently as more lenders enter the market and as more customers are looking for different personal finance products. Peachy benefits from being part of this organisation so that it can use the latest trends and initiatives in consumer finance to make customers’ lives easier.

Credit Today is the leading industry magazine in the UK for the credit industry. This includes the trade side of the consumer finance market as well as the general credit recovery and fraud markets. Peachy was a finalist in the 2013 as well as 2014 Credit Today Awards which marked an important milestone in the company’s history.

You can find more information about how to know if a lender is responsible here

 

For financial advice, please contact the following organizations:

Loading nanoRep Online Engagement with Support Software