Responsible Lending Information

The team here at T-Dot works hard to ensure that all of our customers always receive a responsible and transparent service during their time with us. In order to clarify this further, we would like to highlight that we do not charge any fees for our service (hidden or otherwise).
We also advise that we do not endorse the use of our website by individuals who are experiencing financial difficulty, nor would we suggest that a client take out a loan that is unsuitable for their needs. For example, we would not advise that somebody should take out a payday loan if they would like to borrow a sum of money to be re-paid over a course of 12 months or longer. Entering into a short term loan agreement would be unsuitable to support sustained borrowing over long periods of time and would be expensive as a means of longer term borrowing. If you are experiencing financial difficulty, any type of credit is likely to be unsuitable. money-pig.co.uk follow all necessary regulatory practices and legal guidelines in order to be compliant at all times and this information is available to each of our customers via the homepage of the website (please see Terms and Conditions and Privacy Policy).
We ask that anyone wishing to apply for credit via our website considers the re- payment cost and ensures that they will be able to meet this re-payment cost in full and on time, so that they may avoid any added fees or penalties. If you are experiencing financial hardship or if you are unsure about how to best manage the arrears you already have, please contact the Citizens Advice Bureaufor help and support:
www.citizensadvice.org.uk’

Max/Min Terms of Repayment & Max APR

Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506

Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).

Collections Process

If you’re having difficulty making a payment please contact the lender directly. Should the situation remain unresolved the lender may reserve the right to pass your details onto a third party collections agency.

Implications of Non-Payment

We always recommend repaying within the agreed timeframe. Each lender has their own policies with regards to fees and interest, and how they collect outstanding debts. Most will contact you by phone or letter in order to rearrange payment. Non-payment may result in charges and/or raised interest. We suggest contacting your lender as soon as you are aware there is a problem, as otherwise, it may be noted on your credit record.

Late Payment

If you are unable to make your repayment on time then you should contact your lender immediately. Lenders may charge a late payment fee which could range between £1 – £100. This will vary between lenders. For more information please read the terms and conditions of your loan agreement.

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. Please note that renewing your loan is not recommended if you are struggling to keep up with your repayments on any of your existing credit. If you are struggling or are unable to meet your contractual repayments, you should contact your lender immediately. You can also seek independent, free debt advice.

Existing Borrowing

If you are thinking of consolidating existing borrowing you should be aware that it may involve repaying a higher rate of interest, extending the terms of the debt and increasing the total amount you repay.