Instalment credit agreement is exempt from FCA authorisation if it meets all of the following criteria. If you wish to offer finance with different terms, please email us.
Must
be repayable by no more than 12 instalments within no more than 12 months
be a borrower-lender-supplier agreement (that’s to say, it must finance the acquisition of specific goods or services)
be for a fixed amount
Must not
be an agreement financing the buying of land
be a conditional sale or HP agreement
be a pawn agreement
contain charges or interest (for example, there can’t be an admin fee)
If you offer any additional financial services or arrangements that qualify as regulated activities, then you will need to be authorised by us.
It’s your responsibility to figure out whether your instalment credit agreement is exempt from our authorisation. If necessary, seek independent legal advice.