Personal Loans Terms of Business
General Information
Rainbow arrange personal loans for both homeowners (secured loan) and non-homeowners (unsecured loan).
A secured loan can be arranged for amounts between £3,000 and £100,000, with the borrowers home acting as security for the loan.
An unsecured loan can be arranged for amounts between £500 and £25,000.
Personal loans up to £25,000 are regulated by the Consumer Credit Act, 1974, amended 2004.
Telephone calls to Rainbow may be recorded for training & monitoring purposes.
Regulation & Compliance
The Consumer Credit Act, 1974 amended 2004 regulates consumer credit and consumer hire agreements for amounts up to £25,000. The Act provides protection applicable to agreements between traders and individuals, sole traders, partnerships and unincorporated associations, but not agreements made between traders and corporate bodies such as limited companies. Enforcement of the Act is the responsibility of local trading standards departments of the Office of Fair Trading. Information about the Act and its regulations can be obtained from the Office of Fair Trading.
The Act lays down rules covering:
- The form and content of agreements
- Credit advertising
- The method of calculating the Annual Percentage Rate (APR) of the Total Charge for Credit
- The procedures to be adopted in the event of default, termination, or early settlement
- Extortionate credit bargains
Details of how we apply the rules can be obtained on request.
The Act also requires that all traders who make regulated agreements obtain a Consumer Credit Licence from the Office of Fair Trading.
Record Keeping
We keep records of all our business transactions for six years. We treat all our clients' records as confidential, so we reserve the right to give you copies of your particular records rather than allowing you access to files containing records about other clients. You have a right of access under the Data Protection Act 1998 to your personal records.
Your Personal Information
As your loan arranger, we reserve the right to discuss your personal circumstances with any lender, in order to determine the most appropriate product for your needs. Your lender may undertake credit enquiries upon receipt of your loan application. Once a loan is obtained, the lender may subsequently supply information to a “Credit Reference Agency” detailing the way that you manage your account.
Marketing
Rainbow reserve the right to contact existing clients in the future with regard to offering further financial services. In the event that you do not wish to be contacted then please advise the data controller in writing.
Complaints
In the event of you ever having a complaint about the advice you have received or a product which we have arranged on your behalf, please contact the Office Manager, at the address below or telephone 01708 502220. We have internal procedures for handling complaints fairly and speedily and we will tell you what these are. These will include establishing a set time for an initial acknowledgement to your complaint, and establishing how long it might take us to respond more fully. She will make every effort to resolve the problem and she will explain your statutory rights.
Rainbow
Attention: The Office Manager
55 Gaynes Park Road
Upminster
Essex
RM14 2HL
Care
Please note that there are a number of companies operating under the generic Rainbow name.
Please note that the mortgage firm Rainbow Home Loans Ltd is NOT part of Rainbow.
The Rainbow has NO connection with the Rainbow “lottery” financial promotion. This promotion involves members of the public receiving unsolicited mail, normally originating from overseas, advising them that they have won a lottery prize. In order for the prize to be claimed a processing fee needs to be paid by the “prize winner”.