Our Commitment to Responsible Lending

At Lumo, we take responsible lending seriously. We're committed to ensuring that we only lend to customers who can afford to repay, and we work hard to support our customers throughout their borrowing journey.

1. Affordability Assessment

Before approving any loan, we conduct a thorough affordability assessment. This includes:

• Reviewing your income and employment status
• Assessing your regular expenditure
• Checking your existing credit commitments
• Considering your credit history
• Evaluating your overall financial situation

We will only approve a loan if we're confident you can afford the repayments without experiencing financial difficulty.

2. Transparent Information

We believe in complete transparency. Before you accept a loan, we will clearly explain:

• The total amount you will borrow
• The interest rate and APR
• The repayment schedule
• The total amount you will repay
• Any fees or charges
• What happens if you miss a payment
• Your right to cancel within 14 days

3. Credit Checks

• Soft Search: Our initial eligibility check uses a soft search that won't affect your credit score. This helps you understand your options without any impact.
• Hard Search: If you decide to proceed with a full application, we'll conduct a hard credit check. We'll always tell you before we do this.

4. Supporting Customers in Difficulty

We understand that circumstances can change. If you're struggling with repayments:

• Contact us immediately - we're here to help
• We can discuss alternative repayment arrangements
• We may be able to adjust your payment schedule
• We'll work with you to find a sustainable solution

Ignoring payment difficulties will only make things worse. The sooner you contact us, the more we can do to help.

5. Forbearance

If you're experiencing temporary financial difficulties, we may be able to offer forbearance by:

• Agreeing to a temporary payment holiday
• Reducing your monthly payments for a period
• Extending your loan term to reduce payments
• Freezing interest charges in exceptional circumstances

6. Preventing Over-Indebtedness

We will not lend to you if we believe it would lead to over-indebtedness. This means:

• We limit the number of loans you can have at one time
• We won't refinance loans that would worsen your financial position
• We regularly review our lending criteria
• We may decline applications even if you meet basic eligibility criteria

7. Vulnerable Customers

We take extra care when dealing with vulnerable customers. If you're experiencing mental health difficulties, serious illness, bereavement, relationship breakdown, or financial difficulties, please let us know. We have specially trained staff who can provide appropriate support.

8. Free Debt Advice

If you're struggling with debt, free advice is available from:

9. Regulatory Compliance

Lumo works only with lenders who follow responsible-lending principles, including affordability checks and fair treatment of applicants in financial difficulty.

10. Questions or Concerns?

Email: hello@lumomoney.com
Phone: 0333 123 4567
Address: Dubai, United Arab Emirates