How DivideBuy encourages responsible lending

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At DivideBuy we pride ourselves on being responsible lenders, making sure that those using our service have all the information they need before making a purchase using interest free credit.

Whilst our platform allows our customers to split the cost of payments, making it possible to buy the items they want while spreading the cost instead of paying for it all at once, we would never want anyone to spend more than they can afford.

How much you spend day-to-day is an important thing to keep track of and spending outside of your means is never recommended.

Here’s how we at DivideBuy act as responsible lenders and how you can also be mindful of your own spending.

 

Responsible spending and responsible lending

 

The most important thing to us is to offer interest free credit responsibly so that customers can get the items they need (and want) easily and affordably by spreading the cost rather than paying for the item/s in full upfront.

When you choose to purchase using DivideBuy at the checkout, we run a full check to make sure that you can afford that item before offering you the option to split the cost.

We also believe it is important for you to consider how responsible it is to make a purchase and check your budget first before spending anything. We’ve popped together some tips on how to successfully manage your budget, just here.

 

Credit checks

 

As a responsible lender, we aim to ensure that you get the right credit decision based on your circumstances. When you apply for interest free credit, we perform different searches to check your financial status.

The value and quantity of the orders you can place is dependent on a number of factors, so before making a full application for interest free credit with DivideBuy you can perform a soft search which is available at most of our retailer’s checkouts. This will check your eligibility for credit and give you a good indication of what your credit decision will be, without impacting your credit score.

If you decide to go ahead with your purchase we perform a hard search when completing your application, which will show up as an enquiry on your credit report. This is something to take note of as it will be visible to other lenders.

This credit check ensures that you don’t spend beyond your means and that your current circumstances can support taking out a credit purchase. We wouldn’t be responsible lenders if we didn’t run these checks.

We may also, on occasion, stipulate a higher deposit amount or ask for a guarantor based on your credit and affordability assessments, to help us support a wider range of customers.

 

Putting you in control

 

Circumstances change; a fact which the Covid-19 pandemic has highlighted more than ever.

With DivideBuy you’re in complete control of your account and payments with total visibility at all times. With your online account, you can see the status of your orders, account history and manage your personal information, all without having to contact us.

You can also choose the length of your repayment term (between two, and 12 months), and we allow you to choose a monthly payment date that is best suited to your circumstance.

Our repayment plans also clearly communicate what needs to be paid and when. We aim to keep our customers regularly updated, and in the loop, which is why we always send reminders when instalments are due, which are then collected via a Continuous Payment Authority (CPA).

There’s also the opportunity to make early repayments to reduce the balance without any extra charge. This process is simple and can be completed online by you.

If you are worried you can’t make a payment, get in touch! Our customer service team is on hand to help. For us to be able to help you we need to know that you’ve had a change in circumstances, so we can work together on the best solution for you.

 

Why Dividebuy?

 

Our mission is to help make life more affordable and offer interest free finance in a simple, transparent way.

There is no interest to pay and no hidden charges regardless of your basket value or the length of your repayment term.

We’re here to help where we can, and would never want someone to take out interest free credit when they’re not sure if it’s the right thing for them. If you have any questions, our customer service team is here to help every step of the way.

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