Responsible Lending: Short Term Loans

epepi.com is proud to be a responsible short term loans broker. Although we are a broker, we only work with lenders who are responsible and that encourage responsible borrowing from their customers. We have ensured that the lenders that we work with all have the correct licenses and are fully regulated.

Our customers are encouraged to carefully consider all their options before committing to credit of any kind. So, the points below are applicable to those who are thinking about applying for a payday loan.

  • Don’t take out more than one loan at a time
  • Carefully consider how much the loan is going to cost you before agreeing to the lenders loan agreement. Please see our representative example at the bottom of the page and also our short term loan rates page which has more information.
  • Only take out a loan if you believe you will be able to repay it
  • Consider other options before turning to a loan, such as friends or family members
  • Avoid taking out short term loans to pay for payments which are not essential or urgent
  • Don’t use payday loans to cover other debts. Ask for advice from debt management professionals instead
  • Only apply for the minimum amount you need, to avoid financial difficulty
  • Do not automatically turn to a loan deferral or roll it over, unless you have no other viable option. Contact your loan provider in the first instance as they may be able to help

This information above should not be considered as advice, as it is up to the customer to make their own decision regarding credit, based on their own individual circumstances. We aim to be a link between the customers and the lenders who are committed to providing the best loan service. We aim to give customers as much information as possible, so they can make informed decisions regarding applying for a short term loan online.

With everything that we do, we always work to keep the following aims in mind:

  • We will not encourage customers to take out a pay day loan if we are aware it is not suitable for them.
  • We will not aim our advertising directly at people who are have long term financial issues, including those who are unemployed.
  • We will not encourage anyone directly to borrow more than they will be able to repay
  • We will not charge our customers application fees

How to choose a short term loan safely

Always look for the contact details for the company you’re applying with. If anything goes wrong, you’ll want to have a phone number or address in order that they can be accountable. Their licence number should also be prominently displayed.

Budgeting

If you haven’t looked at your budget to decide whether or not you can afford a payday loan, you really should. If you won’t have enough money coming in to pay it back comfortably, it could be a much more expensive way to borrow than it is intended to be. You can find plenty of good budgeting information online.

Missed or late payments

If you miss a payment, you may well incur extra charges, although this will depend on the lender. You will almost certainly continue to incur interest on the full amount outstanding, and not just the amount that you borrowed in the first place. We always suggest that you repay in full and on time, as that is the best way to limit the cost of payday loans.

Non-Payment

Each lender will have their own policy on recovering outstanding debts, and this could involve extra fees. We always recommend repaying in full and on time.

Renewal Policy and Rolling over payments

Rolling over payments is sometimes possible. It can help in terms of avoiding penalty charges, but it is highly likely that the interest will continue to grow on the loan amount in the same way as missed payments. Paying back on time and in full is the best way to avoid paying more on your loan.

Repeated loans

You may be misusing payday loans if you are continually taking out more and more, for more money each time. Please consider independent advice and taking a serious look at your budget.

Short term loans

These loans are designed to be short term products, and are not suitable to help with long term financial problems. If you’re constantly borrowing to cover normal household expenses, you may be experiencing longer term debt issues.

Where to get advice

There is plenty of free advice available online. We recommend starting 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 – do be wary of anywhere that offers to help you with debt in return for a fee.

Representative Loan Example: Borrow £180 for 28 days, Total amount payable is £225. Interest rate a. 1737% (default) – Interest payable is £45. 1737% APR Representative * The actual APR may vary from lender to lender. Sometimes transfers can take up to 24 hours depending on your bank

epepi.com the Responsible Short Term Loan Lender

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