Responsible Lending Policy

We are a responsible lender

CLB Global Group Ltd., trading as Budget Loans at www.budgetloansuk.com,  is a responsible loan provider in the UK. We are based in Watford, and we have been lending since 2009.  Our main clients are Filipino OFWs. Our loans are between £500 and £1500 and you may have up to 18 months to pay the loan off. 

We are fully authorised by the FCA under license FRN 07584258404. to act as a direct lender in the UK. We are also regulated by the Consumer Credit Act 1974 and all relevant and applicable consumer credit legislation and regulations.

The FCA requires lenders to act to a code of conduct.  One of these codes is our responsibility to act responsibly, when we lend money to customers.

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Link to our FCA guide

As a responsible lender, we comply with the FCA’s new guidelines. We are committed to providing a good service to consumers and treating them fairly. We feel that when you take out a loan, you deserve to know exactly what you are signing up for. Therefore, we have prepared a detailed guide to our short term loans and we request that you read it before applying. Feel free to contact us with any questions you may have.

What we do

We are here to provide responsible loans to help our customers through temporary financial shortage. We provide total flexibility and transparency, same-day service and complete confidentiality. We actively encourage customers to repay loans as quickly as possible thereby saving them money on interest, as well as allowing manageable payments.

Our loan process is straightforward, clear, transparent, flexible and comparatively quick. Throughout the application process, we will give you all the information you need to make a sound borrowing decision, and will always be available to deal with and resolve any queries you may have, either now or later.

What we need from you

At Budget Loans, we believe that we, as well as the customer, has to act responsibly.  This means that in all cases, you need to be honest with us.  We will do our necessary checks and see if we can help you.  This includes checking your credit through a 3rd party credit reference agency, every time you take out a loan, because we know that situations change. If we think that lending you money, will make your finances worse and not actually help you, we will decline your application and let you know why.  If you lie on your application, in order to obtain a loan, you need to realise that by doing so, you are committing fraud.  Under the Fraud Act 2006, by not disclosing items that you are legally required to, you are committing a crime and could possibly face criminal prosecution.   

We expect that you will act wisely, before applying for a loan.  Taking out a loan so you can go on holiday is not a good reason to put yourself further in debt.  Taking out a loan in order to consolidate your existing debts, may be a good reason, subject to you getting a better rate, payments, etc.  We do not make loans so that you can keep up with the next door neightbours! We want you to be responsible and to make the best and most sensible decisions before entering into a loan agreement with us. We expect and trust you to enter such an agreement with us only on the basis that you are confident that you can meet your obligations under the agreement and repay any loan in full and on time.  We also recommend that you first approach your bank for the loan, as their rate is significantly less than ours or our competitors.

The Loan Process

Keeping you Well Informed: Pre-contract Information

We will provide you a document for Pre-contract information, also called a SECCI.  This will show the amount you want to borrow, the APR (borrowing rate) of the loan, the loan term, and the payment schedule, including how much interest you will pay over the life of the loan.  This will be provided before you sign any documents with us, and will form the basis of our loan agreement and contract.  If you have any questions, we are always available to answer them for you.

If you comply with the terms of your loan agreement with us, and make all repayments on time as agreed, you will only be required to repay the amount in the loan agreement i.e. the sum advanced, the interest thereon and any fees notified to you and agreed with you in the pre-contract. You will not be required to pay any additional fees.  You will never pay an additional fee on our loans.  We encourage you to pay off the loan early, in order to save interest.  There is no pre-payment charge to pay off early, although some lenders do charge for this.

Missed Payments

We will inform you if you go into arrears and will send you a notice of the amount outstanding, and provide you with the required FCA information sheet to accompany this notice. We will also notify you if you incur a default sum (by way of a notice of default). If you do not make up the missed payment, you could be issued with a default notice.  We do not charge additional charges for missed payments, but you must contact us if you have problems with payments.  We collect payment through direct debits by Go Cardless and your bank may impose charges on you for insufficient funds when the direct debit is due.   The direct debit will continue to try and collect automatically, every few days, so if you do not replace the funds in your account, you could continue to receive a charge from your bank.

If you are experiencing financial difficulties, and are finding it hard to make repayments in full and/or on time, we will ensure that we do everything we can to help you, and we will act reasonably, fairly and responsibly in all our dealings with you.

It is very rare that we will allow interest only payments, and will always actively encourage you to pay off as much of the loan as possible each month. We will try to find an alternative way for you to settle your liability to us, such as freezing interest and paying by way of instalments, if and where appropriate. Prior to agreeing to vary the terms of the loan agreement we will always first carry out a further credit search, so as to satisfy ourselves that you will be able to afford any such variation.

Dealing with Loans in Default

As a responsible business we are determined to treat customers in default, arrears or difficulties with understanding and consideration. If it becomes apparent that you are in a situation which you are “unable to pay” (as opposed to “can pay but won’t”), we will always endeavour to treat the matter with forbearance and sensitivity until your circumstances improve.

We believe in fair collections and we will try to resolve any issues about payment with you.  We do not immediately turn your debt over to a debt collector, nor do we immediately involve the Court system.  We try to give you time to take care of any financial problems that are causing you to miss your payments and work with you.  However, without an effort on your part or your refusal to engage with us, we will then offer you the chance at binding mediation.  Should you refuse or ignore us, we will proceed with using the Court system to recover the debt.  Interest on the outstanding balance will continue throughout the Court process and afterwards, until payments are made on your behalf.  You will also be responsible for all costs associated with collecting the debt, i.e: solicitor fees, court fees, private detective,  etc.  These fees will be added to the debt. 

Repeat borrowing and rolling over

Just because we may have an ongoing relationship, does not mean that we will keep increasing your credit limit, nor does it mean that you can skip any of our required checks for affordability. 

Always remember

At Budget Loans, we are here to help you in your financial situation. We have years of training in finance and as loan officers in banks.  We can help you with your budgets and look at what we can do to help you in your time of need, so that you are not overextending yourself, even more.

Apply Now

Representative example:

Borrow:  £1000

Term:  12 Months

APR% : 84%

Payments:  12 payments of £07584258404

Total Interest Paid:  £840

Total Amount Repaid: £1840