Loan.co.uk releases responsible borrowing guidelines

‘Reset the Debt’ is a code of responsible borrowing setting out the expectations of borrowers, and is for anyone thinking about taking out a loan to restructure their personal finances. It is part of an effort to improve consumer financial literacy by educating thousands of existing and potential customers on how to borrow safely and manage that borrowing.

The company’s six regional directors and their team will engage with brokers and introducers to help them understand what responsible borrowing means for their customers and interact directly with customers using a series of specially-designed B2C focused emails, leaflets, and brochures.

Loan.co.uk launched in January 2015 and was established by former GE Money Home Loans director Paul McGerrigan.

In December 2016 it acquired a majority stake in Only Bridging, the second charge, bridging, development and commercial finance brokerage. The lender also revealed it has two more acquisitions in the pipeline for the first half of 2017.

Paul McGerrigan, CEO of Loan.co.uk, said: “Being in debt can be a stressful and daunting time, and now more than ever we need to demonstrate that the industry is not only able to lend responsibly and transparent in line with FCA standards, but to protect against customer over-indebtedness. The other important half of the ‘client protection equation’ is responsible borrowing – that is, making sure our customers know how to borrow safely.”