Credit Broker Responsibility
Olympic Cash will never:
- Charge you a fee
- Target those who are in serious financial need or severe debt
- Encourage you to accept a loan which is unsuitable
- Share your personal information with unlicensed lenders
Olympic Cash will:
- Only recommend fully licensed lenders
- Always be free and unbiased
- Work within industry regulations and explain how we work in a clear concise and easy to understand manner
- Keep your data and personal information safe and secure throughout the whole process
Please be advised that you:
- Should not consider a pay day loan if you are not in a financial position to pay it back
- Should make sure you are fully briefed and understand what you are signing before you put pen to paper – make sure the repayment amount and date is clearly explained
- Should ensure you only borrow what you can afford to pay back, and that you can afford to repay it on the date agreed to prevent extra fees and interest.
If you need assistance in understanding the process please contact us at email@example.com
For free financial guidance consult the Citizens Advice Bureau www.citizensadvice.org.uk
Late payment can cause grave financial difficulties. For help go to www.moneyadviceservice.org.uk
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You pay back: £352.80
Total loan cost: £72.80*
Treating customers fairly: Principle 6 requires brokers to treat customers fairly and with respect – paying interest to their needs and circumstances. Principle 7 requires brokers to be clear with customers, ensuring that they communicate in an easy to understand manner which is not misleading in any way. For example, brokers should ensure that their charging policy is simple and accessible.
Authorisation and consent: CONC 2.5 prohibits brokers from taking a fee for their services without authorisation from the customer first. If a fee is due, it should be explained and make clear to the customer as early in the process as possible.
Sharing of personal information: CONC 2.5 also prohibits brokers from sharing customers’ private data, including payment information, to third parties without the consent of the customer. This would breach the Data Protection Act.
Advertising and marketing: CONC 3.3 requires all financial marketing to be simple, clear and straightforward. Customers must not be mis-led by brokers who claim to be a lender when this is not the case.
Transparency of status: CONC 3.7 requires brokers to make it expressly clear in any marketing or customer facing documentation their status – ensuring their powers and the type of service they provide is clear. They must also outline the nature of any links with lenders that they have.
Transparency of fees and commissions: CONC 4.4 deals with fee disclosure and CONC 4.5 with commission disclosure. Any fee which is due from the customer must be made clear at the outset and agreed in writing before any agreement is signed. Information must be disclosed about how and when the fee is due.
Refunds: Section 155 of the Consumer Credit Act entitles the customer to a refund (less £5) of any brokerage fee, if a credit agreement is not entered into within six months of an introduction to a source of credit, and CONC 6.8 provides guidance on this. A broker should respond promptly to any request for a refund.
NOTE: Olympic Cash is NOT a lender. Olympic Cash is a credit broker who refer clients to an external credit broker who has established relationships with over 40 sub-prime lenders. They compare your details with these lenders and their product, and quickly match your needs with the most suitable product for you.
Warning: Late repayment can cause you serious money problems. For help and advice go to moneyadviceservice.org.uk
We guarantee to keep your personal information secure when you apply using our application process. Data protection registration: ZA007304
We do also offer alternative solutions other than the short term 30 day loan. Our unrivalled links with the best UK lenders mean we can find you the best deals currently available.