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Business 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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  1. 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.

  2. 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.

Business Loans Criteria

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PANA criteria for business 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:

  • Product features

  • Price and value

  • Customer understanding

  • Customer support

 

The FairLife Mark for business loans is designed with sole traders and SMEs in mind.  The mark has two categories:  1) bulk loans with an interest rate below 3% per month and where the customer does not pay more in fees and interest than the amount they originally borrowed.  2) Speciality loans (like those from CDFIs) that use higher rates.  A speciality loan provider can be validated by FairLife Ltd as a qualifying social enterprise.

 

For a summary of the mark’s criteria, and those of other products, please contact Stuart or Paul at admin@fairlifecharity.org

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