Responsible lending

Choose Wisely is committed to only working with responsible and ethical providers of personal loans, credit cards and bank accounts. We have a responsibility to our customers, to be open & honest, to treat them fairly, and to ensure that they are safe & secure. These principles affect everything we do. The way we match consumers with a suitable personal loan or credit card provider is no exception.

What you can expect from us

We will match consumers with products that we believe will meet their needs. Wherever possible and relevant, we will display a series of competitively priced products which we present in a balanced way, complete with a summary of the features and benefits in the form of the OPTIOSCORE. We will present clear information on the cost of borrowing, any fees and charges and notable terms and conditions. Where possible, we will use appropriate credit assessment techniques before displaying a product or products. Personal information will always be treated confidentially and in accordance with Data Protection legislation. We will always handle any queries or complaints promptly and professionally.

What we expect from consumers

We expect consumers to provide accurate and complete information either as they make an application via a 3rd party site that is subsequently processed by our price comparison software, as they are using a price comparison table on our website or as they are applying directly to a provider.

It’s important that consumers do their homework to ensure that they understand the terms and conditions on which any agreement is entered into. It is vital that consumers understand any applicable fees and/or charges that are associated with entering into an agreement with a credit provider. Consumers should seek our help if there’s anything they are unsure of or don’t understand.

It is vital that consumers don’t bite off more than they can chew and that they ensure that any credit that they are granted won’t over extend them financially. It’s important that consumers regularly assess any borrowing and other financial commitments that they have.

What we expect from providers

Providers of personal loans and/or credit cards should at all times treat consumers fairly and as they would want to be treated themselves. Any personal information provided to a provider should be treated confidentially and in accordance with Data Protection legislation. Providers should not grant credit to consumers they suspect will be unable to repay. Affordability assessments should be carried out to ensure consumers are only granted credit that they can afford to repay. Clear information should be provided to consumers on the cost of borrowing along with any associated fees and/or charges.

Late or missed repayments

All late or missed repayments will result in the lender contacting several credit reference agencies (CRAs). CRAs hold information about your credit usage and negative information about late or missed repayments will often have a negative impact on your future ability to get access to credit. Consumers should do everything they can to never miss repayments and should attempt to repay as much as they can each month, so long as that doesn’t mean incurring any fees or charges as a result. If things go bad, consumer should ensure that they communicate with their provider(s) as soon as it looks like a repayment may be unaffordable.

Further help

  • Better Money Skills. Better Money Skills was developed by VISA in partnership with a team of experts from the Citizens Advice Bureau.
  • CardCosts The CardCosts website offers help, guidance and an interactive tool to better understand credit card costs and was put together by the UK Cards Association.