In the UK the Consumer Credit Act 1974 stipulates that all individuals and businesses engaged in the provision of consumer credit market must have a valid and current Consumer Credit Licence, which is issued and monitored by the OFT.
There are some unscrupulous practitioners in the consumer credit market that donât have a licence and are therefore operating outside the UK regulations monitored and enforced by the OFT. Also known as âloan sharksâ, the regulators are on a constant lookout for these types of lenders, online and on the doorstep. Thankfully the authorities have the licence route to penalise these rogue traders who lend at extortionate rates to people that should not be borrowing at all, as they wonât be able to repay the original amount and get themselves into serious and escalating personal debt.
So, it is obvious that people looking to get their hands on some quick cash can be confident when they deal with companies that have a Consumer Credit Licence, like Gimmedosh.com, that everything will be done properly and within the law.
Protecting the Consumer
It is clear that any organisation or individual granted a licence will be regarded as safe and sound by the consumer and they will feel happy to borrow a short term payday loan without the worry of dealing with a potential âloan sharkâ.
The OFT ensures that all licensed individuals and companies trade fairly, and may refuse granting a licence or take an existing licence away if they find that they havenât. It makes it very clear to the licence holder the importance of understanding their responsibilities in treating ALL consumers fairly. If not, then the OFT considers that the licence holder has potentially committed a criminal offence or as a minimum will revoke their licence.
You can have peace of mind when dealing with Gimmedosh.com, as weâre registered and licensed by the OFT for being active in the consumer credit market.
The OFT are always on the lookout for misuse of their logo or invalid claims of having a licence, as there are some online providers of fast cash that make false claims regarding their legal status.
The main advantage of having the licence is that consumers can select the online company knowing they have been checked out by the OFT and are therefore reliable and responsible.
The other confident booster for the consumer is that all licence holders are expected to maintain the high standard as when they are first granted the licence. This is reviewed and checked by the OFT, as the âfitnessâ requirement is for the whole period of the licence. Any deviation from a quality and fair service to the consumer may result in either legal action, the licence may be revoked or suspended or compulsory changes made to it.
The OFT does not need to demonstrate that individual consumers have been harmed when taking action against a licence holder, it is sufficient to indicate that there is risk to consumers in order to revoke a licence or refuse to issue a new one.
This total protection of the consumer by the OFT shows that only responsible and reliable individuals and companies will be issued a consumer credit licence, which proves that Gimmedosh.com is precisely the type of online payday loan company that can be trusted.
Many of our clients are repeat customers who have found our application process and after sales service second to none. Make sure you always check the payday loans website to make sure it has a valid licence.