How Peachy Loans stays committed to treating customers fairly
Payday loans have been in the news a lot recently as more people are using them and the government has been looking into how consumers are being treated while on payday loans. Payday loans are regulated by the Financial Conduct Authority (FCA). The FCA has guidelines on how customers should be treated by financial institutions. Payday loan companies are bound by these rules.
What does the FCA expect on how customers should be treated? The six TCF outcomes
- Confidence: The FCA expects customers to be confident that they are going to be treated fairly when they interact with a financial firm. For example, when you deal with Peachy Loans, you can be confident that we want to help you as a customer.
- Needs should be met properly: Peachy Loans wants to adhere to the rules of the FCA that state that any product being sold to consumers is being targeted correctly.
- Consumers should be informed: Peachy follows this rule exactly by keeping customers informed of what they are applying for before and after they get a loan.
- Advice is suitable: The FCA states that advice to consumers should get suitable advice from financial firms, if applicable.
- Products should work as expected: Peachy recognises that it is really important for products to work as how they are expected to work. This is how we operate as well. We want to ensure that Peachy’s loan products do exactly what they are intended to do.
- Post-sale barriers should not be unreasonable: It’s really important that customers don’t find it hard to get in touch with the company after the sale has been completed. Peachy has an open dialogue with borrowers to ensure high customer satisfaction. For example, post-sale barriers such as submitting a claim or a complaint should not be unreasonable to the point where they make life difficult for the consumer in question.
How we treat customers fairly
Peachy follows all of the guidelines set out by the FCA. We also follow the requirements of the Consumer Credit Sourcebook (CONC) as well. Some of the top ways that we treat our customers fairly include:
- How employees act: All Peachy employees are expected to treat customers with respect and integrity as well as with fairness.
- We communicate with our customers clearly: We know that talking to financial services companies can seem daunting especially when it comes to personal finances. This is why we are clear in how we present information to our customers.
- No hidden fees: Part of our commitment to treating customers fairly is that we don’t hide anything from our customers. You won’t find hidden fees or costs because we are transparent in our approach.
How does this affect you?
When you are applying for a loan from Peachy, you can be sure that we are totally committed to your experience from our point of view as a responsible lender. Anytime you borrow from Peachy Loans, you are borrowing from a company that has treating customers fairly at the core of its’ corporate culture.