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Resposible Lending Policy

KwikCash is proud to be a responsible payday loans broker. We think that payday loans can be a great product, but have to be used appropriately. This is why we always do our best to live up to these aims:

- We won’t encourage you to take out a payday loan if we are aware it is not suitable for you.
- We won’t target you with our advertising if we are aware that you have long term financial issues, are unemployed or under 18.
- We won’t encourage anyone directly to borrow more than they will be able to repay.
- We won’t charge you a fee to apply.

We also:
- aim to give you a clear, full, understanding of our services through our website
- follow legal and ethical marketing practices.
- If you feel we are doing anything that doesn’t live up to these aims, please contact us and tell us.

Where to get free debt advice

If you're experiencing serious issues with debt, payday loans may not be the right option for you. You’ll be able to find lots of advice that is both free and easily available. We suggest you start at the Citizens Advice Bureau , or the Government debt advice site. You can also go to an independent debt advice charity. All of these should offer free advice – be wary of anywhere that offers to help you with debt in return for a fee. If you are unable to resolve debt issues, you can contact the Financial Ombudsman for free on 0800 023 4567.

How to choose your payday loan safely

You should always look for some actual contact details, especially a phone number and address. If something goes wrong, you will need to be able to contact them. Real contact details (not just an email address) are a good sign that the company is accountable. Also, check you can see their licence number either on their homepage or their ‘about us’ page.

Budgeting

It’s definitely worth taking the time to take a serious look at your budget if you haven’t already. You’ll be able to find plenty of good budgeting information online. Before taking out a payday loan, do work out if you can afford to repay it at the end of the month, as they can be far more expensive if you don’t repay when you should.

Implications of Non-Payment

We always recommend repaying on time and our representative examples assume that you will. If you are unable to pay on time, each lender has their own policies with regards to fees and interest, and how they collect outstanding debts. Some lenders may pursue claimants by legal means in the event of repeated non-payment. Most will contact you by phone or letter in order to rearrange payment. Non-payment may result in charges and/or raised interest and may affect your credit score.

Renewal Policy

If you wish to renew your loan, you should contact your lender in advance. Most lenders will charge the same rate of interest and fees for another month on the entire amount owed. In the event of non-payment, a loan renewal/extension could be automatic and further interest and/or charges may be added to your account.

Rollovers

You may have the opportunity to roll over your loan, which means paying off the interest earned to date and continuing to gain interest on the original loan amount over an extended term. This interest will most likely be at the same rate of interest that the original loan was charged at. Some lenders may insist on a rollover as opposed to a renewal.

Repeated loans

It is important to keep track of what you’re doing with payday loans. If you’re continually taking them out, and for more money each time, you may be misusing them and costing yourself more money than you need to. If this is the case, please consider independent advice and take a serious look at your budget.

Short term loans

It’s important to realise that payday loans are short term products, not solutions to long term financial problems. If you are taking out payday loans regularly in order to cover normal monthly expenses, you may need some advice or help.

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APR

We work with a number of lenders and their APRs vary. This example shows the average figures.

Money Gap Limited operate and own the credit brokerage site, KwikCash.co.uk. Money Gap Limited is not a lender nor does it provide credit to consumers. If you decide to apply on this site, your application will be shown to a variety of our lending partners to consider. We receive a commission from the lenders we work with after successful applicants are passed on from this website. Approval is subject to status and all applicants must have reached 18 years of age or older. The information provided on this website is for the purpose of explaining the lending process and should not be considered financial advice.

Money Gap Limited:
- Security warning: Please beware of fraudsters using our address and see security alert on our home page.
- Is a company registered in England and Wales with company number 6617413.
- 14 Grays Inn Rd, London WC1X 8HN.
- Authorised and regulated by the Financial Conduct Authority and we can be found on the Financial Services Register with Reference Number: 726151.
- Has the Data Protection Registration Number Z1696368.

KwikCash.co.uk is a trademark and trading name of Money Gap Limited.
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