Information for money advisers

CCA and money advisers – working together on behalf of customers experiencing financial difficultiy

Home Credit - the benefits

The home credit industry offers a much valued service which is geared to the specific needs of consumers who require small cash loans or consumer goods on credit. The typical home credit loan is less than £250 and repayments are usually collected weekly from the customer’s home by one of 25,000 representatives or agents.

It is never in anyone’s interest to lend more than a customer can afford to repay and home credit lenders that are members of the CCA enjoy a privileged position of holding close relationships and in-depth understanding of their customers’ financial situations.

Flexibility

Home credit is incredibly flexible; a point that is vital for all money advisers to be aware of. No guarantee or other security is normally required, and there are unlikely to be default charges for missed or late payments.

Meeting specific customer needs

Many customers receive their income weekly, and may not use a bank account. They find it more convenient to repay a small sum weekly, rather than saving a larger sum to meet monthly payments as required by other lenders.

Home credit ensures that customers with these specific needs are not financially marginalised and have access to a specialist and personal service.

Benefits of personal contact

The home credit industry relies on personal relationships with its customers.

Loan and credit agreements usually take place at the customer’s own home. An individual discussion enables both the lender and the customer to agree a credit level which will be a benefit rather than a burden.

This face to face relationship is one of the industry’s greatest strengths and customers welcome the flexibility of being able to discuss their changing needs with a known and trusted agent who can reschedule payments as and when necessary at no extra cost.

CCA News

CCA News - January 2015 cover

Our quarterly magazine, CCA News, keeps our members up to date with all the latest news and issues affecting the home credit industry.

Download CCA News