Several types of personal loan products exist within the United Kingdom. Consumers can apply for such loans as long as they meet the lender’s qualifying criteria. However, so many loans exist in the country that consumers often fall into traps set forth by less-than-honourable establishments. The best way for a consumer to protect himself or herself is to become fully aware of his or her rights as a British consumer. The following contains guidelines about consumer rights when it comes to applying for and accepting personal loans, provided by CB Online.
The Right to Privacy
British consumers have a right to privacy under the Data Protection Act. When they apply for personal loans, the lenders have to process their personal information to review the application. The consumer must authorise the lender to conduct checks with other creditors, employers and the like. These organisations may not use the applicant’s personal information in any way that may be harmful to him or her. Additionally, the creditor may not sell or offer the applicant’s information to other organisations with the intent of marketing. To ensure that a creditor does not conduct these practices, the consumer can specifically request that the lender to keep his or her information private and not use it to help other companies solicit.
The Right to Gain Approval
Every person in the United Kingdom has the right to obtain approval for some kind of personal loan. When traditional lenders turn a person down, he or she should have the ability to apply for different lenders with more lenient qualifying criteria. UK title loans, personal loans and instalment loans are excellent products for consumers who do not have astonishing credit profiles. These types of advances are available from a wide range of lenders. When the consumer is considering taking this type of advance, he or she should conduct research to find the very best arrangements.
The Right to Receive the Best APR
A British consumer does not have to take a non-beneficial deal just because he or she does not have impeccable credit. Enough bad credit lenders are available to allow the person a decision on what is best for him or her. A consumer can find cheap personal loans with low annual percentage rates by using an online comparison tool. The comparison tool will openly state the lender’s proposed APR for its personal loans. It will also state the amount the consumer will repay by the end of the loan term so the consumer does not have to conduct mathematical calculations.
The Right to Ethical Practices
Consumers have the right to receive respectful treatment from lenders and creditors. Creditor harassment, contractual violations and bank account tampering are violation of such rights. Any consumer who suffers with any of those problems may want to contact the Fair Trading offices or the offices of Trading Standards.
Personal loans should benefit the consumers rather than cripple or hurt them. Those who wish to qualify for help need to conduct thorough research before jumping into any arrangements.