Ahead of the industry

April 21 2020

We are ahead of the industry in offering financial relief for our clients, here’s why…

Even before the Coronavirus pandemic, we were able to offer our clients a range of solutions for anyone experiencing financial hardship, or a change in circumstances.

This has always been our practice.  We understand that everyone’s circumstances are different, so our experienced and qualified loans advisers treat all of our clients as individuals and offer a personalised service, tailored to their specific needs.

Our range of options available includes taking a payment holiday, lengthening the loan period to reduce monthly repayments, or even converting the loan to an ‘interest roll-up’ product which removes the need for monthly repayments altogether.

Where a client experiences severe hardship, particularly due to measures imposed during the COVID-19 crisis, we are also able to temporarily freeze the interest on loan accounts and postpone monthly repayments to take the pressure off until the situation improves.

Lendology is a Community Interest Company (CIC) and a social enterprise, and as a community lender operating in the South West since 2003, we are regulated by the Financial Conduct Authority (FCA).

We are pleased to see that the FCA recently confirmed that financial services firms should implement measures to provide temporary financial relief during the Coronavirus pandemic. The short-term measures outlined by the FCA came into force on the 14 April, although some major banks and building societies adopted the new rules from 9 April, ensuring that customers can, if necessary, make use of the flexible measures.

Read the full details of the FCA announcement here.

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