Are online guarantor loans safe?

Stick man using a laptop

Online safety is a real issue today, so is getting a loan online really OK?

Applying for a loan online is safer than it has been, however it's important to ensure no unnecessary risks are taken.

We look at the two checks you should make to satisfy yourself that you will be safe with an online loan.

You should be careful online

With the old ‘offline world’ you could see the ‘bricks and mortar’ of the business, so with a high street bank you could be pretty sure that you and your security and information would be safe.

Today things are different.

That is good because it means you have more options like guarantor finance which until recently was not available.

Though you also need to be very careful as to where you input your information online.

We run through the two simple steps you should do to ensure you remain safe online when looking for, and taking out, a loan.

1. Approved by the FCA

The good news is that there is strong regulation of all financial business within the UK; the government organisation that regulates the loan industry is the FCA (Financial Conduct Authority).

One of the primary purposes of the FCA is to safeguard you, the consumer.

All companies that engage in credit broking or providing loans must be approved by the FCA, which means they have demonstrated that they are suitable to run this type of business.

We know ourselves, as an FCA regulated business, that you have to make regular submissions to the FCA and companies who are not professionally run can have their approval removed.

So before you use any company, whether it is a broker or lender, please make sure they are approved by the FCA by checking:

a. The companies FCA Approval Number (often in the website footer)
b. The company is in the FCA Register

Note see our details below

a. Our FCA Approval Number: 715726
b.Our Listing on the FCA Register Page

2. Registered with the ICO

As part of the Data Protection Act passed by the UK Government to safeguard individual’s personal information, all credit brokers or lenders in the UK must by law also be registered with the Information Commissioners Office Information Commissioners Office.

So before you use any loan company, please also check

a. The companies ICO Number (often in the website footer)
b. The company is in the ICO Register ICO Register

Note see our details below

a.Our ico Number: A8108739
b. Our Listing on the ICO Register Page ICO Register Page

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