Why affordability assessment may be the cornerstone of accountable financing

Why affordability assessment may be the cornerstone of accountable financing

Business Social Responsibility (CSR) happens to be a contemporary imperative. The occasions whenever, to quote Milton Friedman, ‘the company of company is business’ are over. No one runs in splendid isolation through the culture they serve.

For the finance sector, and customer finance in specific, that is more true than many.

Have we not been the truly amazing Satan? In the macro scale, monetary solutions quite literally broke the lender as well as on the micro, it really is advertised after that it profited through the results with businesses exploiting ‘the vulnerable’ as conventional credit became harder and harder in the future by and rely upon banks declined.

Where that left short-term/high expense credit is having, rightly, to enact business duty with its purest feeling. Company acting responsibly. As well as for us which means lending that is responsible.

Since coming under FCA legislation in 2014, just exactly just what remains of as soon as burgeoning sector has reformed significantly. In regulatory terms, including the development of mortgage limit, the reform of collections methods, plus an authorisation process that removed the licence of the companies that did not trade responsibly. At Dollar UK, we were proud go over and above these regulatory modifications, for instance, getting rid of penalty charges completely. Continue reading Why affordability assessment may be the cornerstone of accountable financing