The financial sector has grown tremendously in the UK, especially in the last few years. However, with such attractive growth, responsibility also comes to ensure profit for the borrowers, not only the lenders. It is vital for the well-being of the UK economy and society.
At Busiloans, many small business firms or new business owners come and share their struggles with debts. They have already applied for loans at multiple lending places with higher interest rates. Later, they struggle to sustain their business growth and find themselves in a tricky debt trap.
This has been the story of many start-ups in the UK. Borrowers usually ask: How can we promptly and properly lend, but with complete responsibility? Consequently, Busiloans has expanded the sphere of responsible lending in the UK, where every business gets affordable funding, and no one should be left vulnerable.
Responsible lending meaning is not all about providing loan offers. It is more related to an affirmation that borrowers can repay the amount without hassle.
Providing loans online has been a significant development in the UK. Many online lending institutions offer loans by digitally checking their credit scores to analyse borrowers’ loan capacity. They look at the past loan repayment capacity and the timing of utility payments. It helps lenders to provide loans to those with a not-so-specific history of handling loans.
The FinTech concept of lending has been a significant boost for small business owners. Banks or other traditional lending institutions have ignored them due to less credit history and documentation. Online lenders can secure loans as well. In particular, women entrepreneurs can undoubtedly take advantage of it and grow their businesses.
At Busiloans, we match technology with lending ethics to help loan aspirants during their financial mess.
Since our inception, we have tried hard to provide a relevant solution during the financial crisis. We do not want our borrowers trapped in tricky consequences with aggressive lending. As a responsible lender, we vouch to maintain a financial balance between providing affordable loans and guaranteeing no severe debt for the applicants.
After the pandemic, most UK lending institutions have been focusing on responsible lending practices. For instance, there has been regulation on the interest rates to ensure peace of mind for the borrowers.
FCA has been the regulating authority and core of implementing responsible lending obligations in the UK. It has directed all the loan providers to conduct transparency and lending ethics while providing loans to the locals. FCA responsible lending primarily includes capped interest rates, guaranteeing comfort for the borrowers. The best example is payday loans, where the interest rate used to be higher. Now, things are very much in control.
Furthermore, the Financial Conduct Authority has promoted responsible lending principles among lenders. It has encouraged affordable lending where the borrowers can avail of only that amount that is under their repayment capacity. It has generated a strong communication and trust between lenders and the borrowers.
Young UK entrepreneurs now have an excellent chance to utilise business loans in the UK with no hassle at all. Busiloans always offers loans through responsibility lending, settled by the FCA. Our financial support has encouraged hundreds of new and small businesses to grow sustainably and have bright futures.
We want every business to contribute to the UK economy without any burden of strict lending rules. Our responsible lending policy improves the financial literacy of loan aspirants, benefiting them with no risk to their personal information and credit scoring. We work for borrowers’ interest only, as reflected in the responsible lending definition.
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