Warning: Late repayment can cause you serious money problems.
For help, go to moneyadviceservice.org.uk
Pacific Odyssey Loans is a responsible lender. That’s easy to say, but what does it mean to you?.
Here at Pacific Odyssey Loans we want to provide a service to help you with your finances and your current need for some extra cash; we do not want to make your situation worse.
While our application process tries to be as short as possible, this does not mean that we aren’t conducting a series of checks to satisfy ourselves that the loan is affordable to you. It is just with modern technology we can do these checks faster.
We need your help. While we will get information about you and your finances from external sources such as Credit Reference Agencies (CRAs) some of our decision making is based on the information you provide in the application process. If you provide us false with information we will not be able to do our job properly in assessing the suitability of the loan. So please be honest.
Again we will not know everything about you, that £100 you promised to pay your friend next month, the fact that you have had 2 weeks off work this month without pay because you had to look after your friend’s child while she was in hospital etc. You therefore need to decide whether the repayments on the loan are really affordable after taking this into consideration.
If you accurately fill in all of your income and outgoings in the application form you can see whether what is left over is enough to cover your loan repayments. If you are in any doubt we would strongly recommend you contact the Money Advise Service for FREE independent and unbiased advice before you apply for your loan on 0300 500 5000 (Monday to Friday: 8am–8pm).
When we make a loan offer we will give you options as to how many months you wish to repay your loan over. These will show you the amount of each repayment and also the total you will have to repay. While it is always cheaper overall to repay in the shortest time, you must ensure that you can make all of the repayments. You should therefore decide which option will work for you. If none work please select the last option which asks us to show you a loan with lower repayments and we will see if we can offer you a smaller loan that would work.
We will provide you with several documents to read as the application progresses. Please do read them carefully and if you are not completely clear then contact us BEFORE signing your loan agreement. If you know of any reason that may impair your ability to make the decision that you loan agreement is suitable we need to know this so that we can provide extra assistance.
Our commitment to responsible lending does not stop when we give you your loan, but continues throughout the whole of our relationship. When we lend, we trust that you will pay us back as agreed. Unfortunately we know that circumstances can and do change and you may not be able to make your repayments. We have a very simple requirement here – Talk To Us.
You must contact us as soon as you know that there will be issues making your repayments (even if it is before the due date). We commit to showing you compassion and forbearance, and treat you with the same respect as we did before you encountered difficulties. We will work through your situation and should be able to come up with a solution that works for both of us. While we would prefer that you come directly to us to discuss any issues, we will work with any third parties you choose to help you sort out your finances.
Pacific Odyssey Loans is committed to being a responsible lender, all we ask is that you commit to being a responsible borrower.
By Kieran Moulden