The Fair Banking Mark – For your financial well-being

The Fair Banking Foundation is accreditation independent scheme that encourages banking organisations to improve the financial well-being delivered to their customers by their products.

The accreditation award is called the ‘Fair banking Mark’ and is granted in three, four or five star versions based on Fair Banking’s assessment of the level of the financial well-being the product delivers, with five stars representing the highest award possible for any financial product.

We are happy to announce that the CUOK Payday loan product has been awarded 5 Stars by offering features that are fair and transparent for their members.

Reasons why CUOK has been awarded 5 Stars

CUOK Payday loan - Eight key features

  • The CUOK product provides our members with the ability to understand the amount of repayment for different periods and amounts.
  • The product provides its members with a tool to work out whether they can afford to repay the loan with a budget planner designed appropriately for the customer.
  • The product allows the member to repay early without a fee or charge.
  • The product has encouragements to repay early, such as reminders that this is possible during the life of the loan.
  • The product encourages the member to set the repayment date so the loan payment is taken shortly after income has been received.
  • The product encourages the use of automated regular payment mechanisms such as Sage payments, to make the regular payment.
  • A member that misses a payment is encourages to take action if they are finding payment difficult.
  • The member is offered a plan to repay at an affordable level at the earliest opportunity.

How the CUOK Payday Product was assessed:

The Fair Banking Foundation reviewed the financial well-being characteristics and features of the product. The process of assessment involved independent research carried out with a representative number of customers holding the CUOK product now or in the past.

The research carried out tested the extent to which the theoretical benefits to financial well-being were delivered in practice.

Fair Banking’s assessment also reviewed CUOK’s complaints procedures and experience for the product in question. The Fair banking Mark Accreditation Panel also reviewed the assessments that were carried out and assessed the wider factors including the rates charged in relation to the product.

This quality mark programme is an important step in helping people to identify products, which have been rigorously tested for their financial well-being.

If you would like any additional information please email loans@creditunion.co.uk

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