The Consumer Finance Association has added its voice to those advising the public to think carefully about their borrowing at Christmas time. Their message – only borrow what you can afford to pay back, and only borrow from an FCA authorised lender.
Speaking earlier today, Jason Wassell – Chief Executive of the Consumer Finance Association said,
“Christmas can create financial challenges for millions of Britons. The members of the CFA are committed to ensuring customers make smart decisions and that we’re doing our part by lending responsibly and properly assessing affordability.”
“It is important, at any time of the year, for customers to ensure they understand all of the terms of their loans, including how much they will need to repay and when payments will be due. Reputable firms will ensure you have all the information you need to make the right decision.”
“Only choose a lender that is authorised by the Financial Conduct Authority. They will ensure that you have protections that you will not get from illegal lenders.”
“Only borrow what you can afford to pay back, and only borrow from an FCA authorised lender.”
Thinking of borrowing from a loan shark to pay for Christmas presents? Think again. Loan Sharks are illegal lenders who will make your life a misery. Report to them on 0300 555 2222