Personal Loans
The FairLife Mark champions fair providers of financial products and services.
The FairLife Pledge​
The mark represents a pledge to promote good customer outcomes by pricing honestly and trading fairly:
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The provider must follow the spirit as well as the letter of any agreed regulator’s rules and principles with an emphasis on treating customers fairly.
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The provider must adhere to agreed sources of profit as detailed in the PANA criteria. Any extra fees or charges must be designed only to cover additional costs and not to generate additional profits.
Personal Loans Criteria
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PANA criteria for personal loans to display the FairLife Mark
PANA stands for Peer Agreed and Nationally Approved meaning that the criteria have been agreed by a peer group of providers and approved by the FairLife Charity. The resulting standards combine fairness to the public with business practicality. PANA criteria evidence that FairLife-marked products and services meet the FairLife Pledge.
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The FairLife Mark helps good firms to treat customers fairly, highlighting this robustly to new and current customers alike. The criteria span 4 categories:
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Product features
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Price and value
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Customer understanding
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Customer support
The mark is designed primarily for personal loans with interest rates up to 3% per month. Speciality leaders are also welcome to apply. Your firm can be validated by FairLife Ltd as a qualifying social enterprise. The mark promotes firms that profit from performing loans and treat the holders of unperforming loans fairly. It excludes firms (like the now defunct short-term lender Wonga) that make material profit from unperforming loans.
For a summary of the mark’s criteria, and those of other products, please contact Stuart or Paul at admin@fairlifecharity.org