QuickQuid Applauds New Consumer Protections Charter for Payday Lenders
London, England – QuickQuid, the UK’s premier online payday lender, welcomes the new Good Practice Charter recently published by the industry’s leading trade associations, aimed at increasing transparency and consumer protection for payday and short-term loan customers.
The new Good Practice Charter and Addendum, which updates the industry’s existing Codes of Practice, was implemented based on the outcome of discussions with the Department for Business, Innovation and Skills, by four UK trade associations representing over 90 percent of the payday and short-term loan industry. The four trade associations responsible for the newly amended Codes of Practice include the Consumer Finance Association (CFA), the Finance and Leasing Association (FLA), British Cheque Cashers' Association (BCCA), and the Consumer Credit Trade Association (CCTA).
Providing information on issues such as how loans work, related costs and transparency about loan repayments, the new Good Practice Charter and Addendum establishes a customer charter that provides best practices for payday and short-term lenders to follow. Additional details on the charter can be found on the relevant trade association websites.
“QuickQuid applauds the industry for taking action and collaborating with various consumer credit trade associations, consumer groups, and government departments to develop and enact the new Good Practice Charter,” said Alex King, QuickQuid’s managing director of operations. “QuickQuid, along with its industry partners, played an active role in the development of the charter, and we will continue to partner with key stakeholders to drive initiatives that support the continuous improvement of consumer protections for short-term and payday loan customers.”
“QuickQuid was founded on the core value of providing new and existing customers with the necessary resources to make informed decisions when using our products. This includes providing customers with a wealth of information on how our loan products work, costs involved and repayment options. When one has an immediate, unexpected emergency expense, a QuickQuid payday loan is a valuable and trusted option for people who need it,” Mr. King said.
All QuickQuid loans are subject to status, affordability, and credit checks prior to approval. Once approved, borrowers could have the approved amount of cash deposited into their bank accounts within 10 minutes, making it a convenient option when emergency expenses leave borrowers short of cash until payday.
For more information contact:
media@quickquid.co.uk
QuickQuid is the premier fully licensed online payday loans provider in the UK. QuickQuid’s fast, convenient services have helped thousands of Britons bridge the gap between paydays with the ability to apply from the comfort and privacy of home. These hassle-free online payday loans have made QuickQuid the UK’s trusted online lender. For more information, please visit http:// www.quickquid.co.uk.