The below wording will need to be added to the Finance Calculator in order to be compliant.
- Please note that, due to calculations, your monthly repayment may differ very slightly from what you were expecting. Please check your monthly repayment figure before proceeding
Missed or late payments will result in fees and additional interest on your loan and can also affect your credit file and your ability to obtain credit in the future.
(This is to inform customers that there is a minor discrepancy in the calculations and there will be additional charge due to missed or late payments)
- Representative Example:
Cash price £x, Deposit £x, Total amount of credit £xxx over 12 months with an annual interest rate of X% (Fixed). Monthly repayments will be £x with a total repayable of £x. X% APR representative.
(There needs to be a Representative example added onto the Interest bearing products. This Representative example will need to represent more than half of the finance offers your customers will be accepted.
Please note: This Representative example will need to be as prominent as any incentives or Monthly payment amount shown on the page. )
Credit is subject to status, UK only, 18+
FCA Disclaimer - This will be the same disclaimer that would need to be added to the footer of your website.
|Script Source URL|
To use it, simply include and configure this snippet of HTML between your website’s head elements:
Your Finance calculator must display the below fields, once they have been shown the total amount of the goods, the Deposit amount to choose from and the Finance product they wish to proceed with.
|Total Cash Price|
|Number of Payments|
|Total amount payable|
|Interest rate (Fixed)|
This table shows the properties of your FinanceDetails object and some example values:
|Property Name||Property||Example Value|
|Product Name||my_fd_obj.p_name||6 Months Interest Free Credit (0% APR)|
|Value of Goods||my_fd_obj.goods_val||500.00|
|Percentage of Deposit||my_fd_obj.d_pc||10.00|
|Amount of Deposit||my_fd_obj.d_amount||50.00|
|Amount of Loan||my_fd_obj.l_amount||450.00|
|Term of Agreement||my_fd_obj.term||6|
|Total Amount Payable||my_fd_obj.total||500.00|
|Cost of Loan||my_fd_obj.l_cost||0.00|
|True Cost of Loan||My_fd_obj.l_truecost||0.00|
Please note that the True Cost of Loan should not be displayed on your website or otherwise communicated to the consumer. It exists to show when rounding is in the consumer's favour.
Use Cost of Loan.
Updated 19 days ago