Loan Policy
1. Introduction
This Loan Policy explains how Iberia Finance (“we,” “us,” “our,” or “the Company”) provides lending services to customers. It covers eligibility, application, approval, interest, repayment, and your rights and responsibilities as a borrower.
This Policy should be read together with our Terms and Conditions, Pricing, Refund Policy, Privacy Policy, and GDPR Compliance Statement.
By applying for a loan, you agree to the terms set out in this Policy and in your loan agreement. If there is any conflict between this Policy and your loan agreement, the loan agreement prevails.
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2. Our Lending Principles
2.1 Responsible Lending
We lend responsibly. We assess your ability to repay before approving any loan.
2.2 Transparency
We disclose all interest, fees, and charges clearly before you commit to a loan.
2.3 Fairness
We treat all borrowers fairly and in accordance with applicable consumer protection laws.
2.4 Affordability
We only approve loans that we believe are affordable based on the information you provide and our assessment.
2.5 Legal Compliance
Our lending practices comply with applicable financial services and consumer credit regulations, including EU requirements where applicable.
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3. Types of Loans
3.1 Personal Loans
Personal loans can be used for a range of purposes, such as consolidating debt, covering major purchases, or managing unexpected expenses.
3.2 Flexible Credit
Flexible credit gives you access to a credit limit that you can draw on as needed, subject to your approved limit and repayment terms.
3.3 Instalment Loans
Instalment loans are repaid in fixed amounts over a set period, with a clear repayment schedule.
3.4 Secured and Unsecured Loans
Some loans may be secured against an asset, while others are unsecured. The type of loan and any security requirements are disclosed in your loan agreement.
Product availability may vary by region and eligibility.
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4. Eligibility
4.1 General Requirements
To be eligible for a loan, you must:
– Be at least 18 years of age
– Have a valid Iberia Finance account in good standing
– Meet identity verification requirements
– Have a verifiable source of income or funds
– Meet any additional criteria set out in your loan agreement
4.2 Residency and Jurisdiction
Loan products may not be available in all jurisdictions. We reserve the right to restrict or deny lending based on geographic, regulatory, or business considerations.
4.3 Credit Assessment
We assess your creditworthiness based on factors such as:
– Your income and employment status
– Your existing financial commitments
– Your account history with us
– Information from credit reference agencies
– Any other relevant information
4.4 Right to Decline
We reserve the right to decline any loan application at our sole discretion, without providing reasons.
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5. Applying for a Loan
5.1 How to Apply
You can apply for a loan through the Iberia Finance app or website.
5.2 Information Required
When applying, you may need to provide:
– Personal details
– Income and employment information
– Details of existing debts and commitments
– Purpose of the loan
– Supporting documentation where required
5.3 Assessment Process
Our assessment process includes:
1. Verification of your identity and details
2. Creditworthiness and affordability assessment
3. Review of your application against our lending criteria
4. Decision and offer
5.4 Decision Times
Decisions are usually provided quickly, though some applications may take longer if additional checks are required.
5.5 Loan Agreement
If approved, you will receive a loan agreement setting out:
– The loan amount
– The interest rate
– All applicable fees and charges
– The repayment schedule
– Your rights and obligations
– Any security or guarantees
You must review and accept the loan agreement before funds are released.
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6. Interest, Fees, and Charges
6.1 Interest
Interest is charged on the loan amount at the rate specified in your loan agreement. The rate may be fixed or variable, as stated in your agreement.
6.2 Fees
Applicable fees may include:
– Arrangement fees
– Late payment fees
– Early repayment fees, where applicable
– Other charges specified in your loan agreement
All fees are disclosed clearly before you accept the loan.
6.3 Total Cost of Credit
We provide a clear summary of the total cost of credit, including interest and fees, before you commit to the loan.
6.4 Changes to Interest or Fees
If your loan has a variable rate, the rate may change in accordance with your loan agreement. We will notify you of any changes as required by law.
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7. Repayment
7.1 Repayment Schedule
Your repayment schedule is set out in your loan agreement. It includes:
– The amount of each repayment
– The due date of each repayment
– The total number of repayments
7.2 Making Repayments
Repayments are made automatically from your Iberia Finance account on the scheduled dates, unless otherwise agreed.
7.3 Early Repayment
You may be able to repay your loan early, in full or in part. Any early repayment fees or conditions are set out in your loan agreement.
7.4 Late or Missed Payments
If you miss a payment:
– Late payment fees may apply
– Interest may continue to accrue
– Your credit rating may be affected
– We may take steps to recover the amount owed
We encourage you to contact us as soon as possible if you are having difficulty making payments.
7.5 Difficulty Making Payments
If you are struggling to repay your loan, contact us at [email protected]. We will work with you to find a suitable solution where possible.
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8. Default
8.1 What Constitutes Default
Default occurs when you fail to meet your obligations under the loan agreement, including failing to make payments when due.
8.2 Consequences of Default
If you default, we may:
– Charge default interest and fees
– Demand immediate repayment of the outstanding balance
– Report the default to credit reference agencies
– Take legal action to recover the amount owed
– Enforce any security where applicable
8.3 Recovery of Debt
We will act fairly and reasonably in recovering any debt, in accordance with applicable laws and codes of practice.
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9. Your Rights
9.1 Right to Information
You have the right to clear information about your loan, including:
– The interest rate
– All fees and charges
– The total cost of credit
– The repayment schedule
9.2 Right to Withdraw
Where applicable, you may have the right to withdraw from a loan agreement within a specified period, as set out in your agreement and applicable law.
9.3 Right to Early Repayment
You have the right to repay your loan early, subject to the terms of your loan agreement.
9.4 Right to Complain
You have the right to complain if you are unhappy with our service. See Section 12 for details.
9.5 Data Protection Rights
Your personal data is processed in accordance with our Privacy Policy and GDPR Compliance Statement. You have the right to access, correct, and request deletion of your data, subject to legal requirements.
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10. Your Responsibilities
As a borrower, you agree to:
– Provide accurate and complete information
– Use the loan only for lawful purposes
– Make repayments on time
– Keep your contact details up to date
– Inform us promptly of any change in circumstances that may affect your ability to repay
– Comply with the terms of your loan agreement
– Not use the loan for any prohibited purposes
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11. Changes to This Policy
11.1 Updates
We may update this Loan Policy to reflect changes in law, our Services, or best practices.
11.2 Notification
We will notify you of material changes via email, in-app notification, or website notice.
11.3 Effective Date
Changes are effective upon posting unless otherwise stated.
11.4 Continued Use
Continued use of our Services after changes constitutes acceptance of the updated Policy.
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12. Complaints and Disputes
12.1 Contact Us
If you have a complaint about your loan:
Email: [email protected]
Subject Line: “Loan Complaint”
12.2 Response Time
We will acknowledge your complaint within 5 business days and aim to resolve it promptly.
12.3 Escalation
If you remain unsatisfied, you may:
– Contact your local consumer protection authority
– Use alternative dispute resolution (ADR) services where available
– Lodge a complaint with the relevant financial regulator
12.4 EU Consumer Rights
EU consumers retain all rights under applicable EU consumer credit and protection legislation.
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13. Contact Information
For all loan-related inquiries:
Email: [email protected]
Subject Line: “Loan Inquiry”
Support: Available 24/7
For general support:
Email: [email protected]
For careers:
Email: [email protected]
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14. Summary of Key Points
– We lend responsibly and only approve affordable loans
– All interest and fees are disclosed clearly before you commit
– Eligibility depends on age, account status, income, and credit assessment
– Loans are repaid according to a clear schedule in your loan agreement
– Early repayment may be available, subject to your agreement
– Missed payments may result in fees, credit impact, and recovery action
– Contact us early if you are having difficulty repaying
– Your rights under consumer credit and data protection laws are protected
– Contact [email protected] for all loan inquiries