Terms and Conditions | 24loanswales

The terms and conditions given below explain the nature of our services. 24LoansWales is a UK-based direct lender. Accepting a loan agreement allows you to be bound by these terms and conditions. Please read the terms carefully before proceeding.

Eligibility conditions

Your minimum age should be 18 years.
You have to prove your citizenshipof the United Kingdom
You have a verified bank account that demonstrates your repayment ability.
You have a regular income or proof of financial stability.
You are not the subject of any insolvency or bankruptcy proceedings.

Loan application and approval

Application - You need to follow the entire application procedure properly for a loan application. You will have to provide your financial, personal and employment details and also give us permission for a credit check.

Approval - Your loan application is subject to our internal credit assessment criteria. We may request additional details and documents from you if required. We reserve the right to accept or decline any loan application.

Loan offer - We will send you a loan agreement if your loan is approved. This agreement will mention the loan amount, repayment schedule, interest rate and other relevant terms and conditions, along with the applicable fees. You will have to review and sign this agreement before disbursing the loan.

Loan amount and interest rates

Loan amount - Minimum and maximum loan amounts may vary depending on the loan product. Your loan amount depends on your financial situation, eligibility and our internal policies.
Interest rate - The rate of interest can be variable or fixed. The interest rate is set at the time of the loan agreement. The interest rate will be clearly mentioned in the agreement.
APR - Annual Percentage Rate (APR) includes the interest rate and other applicable fees mentioned in the loan agreement, which depend on the total cost of the loan.

Repayment conditions

Repayment schedule - The instalments will be made per the repayment schedule mentioned in the loan agreement. In case of failure to make the instalment payment, additional penalty charges may be applied.

Early repayment -You can complete or partially repay the loan anytime before the loan due date. In case of early repayment, interest charges will be reduced as per our terms and conditions.

Late payments -In case of late payment, we may also charge a late payment amount. Also, missed or late payments are reported to credit reference agencies. In case of repeated non-payment or late payments, legal action can be taken to recover the debt.

Privacy Policy

Under the General Data Protection Regulation in the UK, we are committed to protecting your personal data. By applying for a loan, you give us consent to process your data for credit assessment and loan administration. You have the right to request access to, correct or delete your personal data.

Information we collect

We collect the following types of details and documents from you.

Personal identification information – Name, contact details, date of birth, nationality and residential address.
Identification documents –Driving license, passport, utility bills or any other details that may be required for identity verification.
Usage data – Browser type, IP address, pages visited, operating system and other technical information when you interact with our application or website.

How we use your information

We use your information and details for the following purposes.

Loan application processing –To process your application by verifying your identity to process an application for a loan.
Communication – To communicate with you regarding loan applications, loan offers, customer support and payment reminders.
Improvement of services – To improve our services and analyze customer feedback.

Sharing your information

We share your information with the following third parties.

Payment processors –For loan amount transfer and repayments.
Credit reference agencies –To conduct credit report assessments to know your creditworthiness.
Regulatory authorities –Wherever needed, we share your information with regulatory authorities like law enforcement agencies. If required, with other government agencies.

We commit that any third parties we share your information with follow due data protection measures.