Loans FAQ

The Consumer Credit Act (1974)

The Consumer Credit Act is the law that regulates personal loans and other credit agreements. It demands that :

• full written details of the true interest rate (i.e. APR) be quoted
• a 'cooling-off' period be allowed during which borrowers may change their minds and cancel agreements
• all agreements be in writing

The government department that oversees the loans and credit industry is :

The Office of Fair Trading
Fleetbank House
2-6 Salisbury Square
London
EC4Y 8JX
Telephone : 020 7211 8000

Fax : 020 7211 8798

www.oft.gov.uk

Personal Loans for Bad Credit are Licensed Credit Brokers under the Consumer Credit Act.

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