Responsible Lending
Low Budget Loans is committed to responsible lending. We aim to provide lending support that is clear, affordable and suitable for the applicant’s financial circumstances.
Before approving any loan, we may review information relating to income, employment, expenses, affordability, existing obligations and repayment ability.
Our Approach
Responsible lending means that we do not aim to provide credit where repayment may place the applicant under unnecessary financial pressure.
Our process may include:
Reviewing affordability information
Confirming employment or payroll details where required
Assessing repayment ability
Explaining repayment terms clearly
Avoiding misleading or unfair lending practices
Encouraging applicants to borrow only what they can afford to repay
Payroll-Linked Lending
Where payroll-linked lending is used, repayments may be structured through an agreed payroll or salary-related process. This can help create a clearer repayment structure, but applicants must still ensure that the loan is affordable and suitable for their circumstances.
Applicant Responsibility
Applicants are responsible for providing accurate information during the application process. This may include income details, employment information, expenses and other credit obligations.
Providing incorrect or incomplete information may delay the application or result in the application being declined.
Affordability Matters
A loan should only be taken where the borrower understands the repayment amount, repayment period, fees, charges and total cost of credit.
If you are unsure whether a loan is suitable for you, we recommend that you carefully review your budget before applying.
Support and Questions
If you have questions about affordability, repayments or the loan process, please contact Low Budget Loans before submitting or accepting any loan offer.
Client to confirm: exact affordability process, repayment deduction method, fees, NCA wording, whether loans fall under registered credit-provider requirements.