Spotlight on responsible lending; What is it, is it regulated, and why is it so important?

A responsible lending decision is likely to have several aspects and require information from the potential borrower, as well as their credit history via a credit check with one of Jamaica’s credit reference agencies (CRAs). This data is designed to help the lender assess the borrower’s ability to repay and the likelihood that they will. Bank of Jamaica (BOJ) is the governing body that regulates Jamaica lenders, although this regulation doesn’t extend to finance providers in the buy now pay later and interest-free that means there is no requirement for these lenders to carry out assessments into creditworthiness or finance when taking on new customers – for now. A legal requirement is expected to be brought in shortly.

PPF charge on the outstanding balance made and there are no hidden charges. We take steps to ensure that borrowers are always aware of the amount of credit involved and how this will be repaid. Our customers are very important to us and we want to make sure that we’re making credit decisions in every customer’s best interests.

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