Terms & Conditions

Terms and Conditions (including Interest Rate charged) Statement

Most of our customers are simply unable to obtain a low interest rate loan due to something unfortunate in their individual circumstances meaning they can’t meet the terms and conditions required for a traditional loan. It could be bad credit from a business or marriage failure, it could be loss of employment or a health issue that caused a financial problem in the past. At Ume Loans we take the time to assess your current circumstances and just because you don’t qualify for a low interest rate bank loan doesn’t mean you can’t get a loan with us. But, please understand that giving people a financial second chance means we take more customer risk and therefore need to charge higher interest rates. This disclaimer explains this to you.

As you are contemplating entering into a loan contract with Ume Loans, we ask that you read the following very carefully. Should you sign a credit contract with Ume Loans after reading this Statement, Ume Loans will presume that you have read every word, understand the meaning and accept the following:

  1. Ume Loans was established as a lender to help good people who find it challenging to obtain loans from traditional banks and finance companies because of their unique circumstances and as such Ume Loans charges higher interest rates due to this higher customer risk.
  2. Ume Loans operates in a very competitive environment, where numerous lenders offer various loans that are different in their approval criteria, terms and conditions, including interest rates charged.
  3. It is possible that some, but not all, of these various loans may be available to you.
  4.  For that reason, Ume Loans encourages you to compare what our competitors are prepared to offer you, with our loan terms and conditions.
  5. You are encouraged to take your time making these comparisons and Ume Loans will never pressure you to rush into signing a loan contract with the company.
  6. While we would like your business and make every reasonable effort to offer terms and conditions that are competitive, including interest rates, we may not offer some terms and conditions that at least some of our competitors offer, or the lowest interest rate in the market at the time.
  7. Our terms and conditions, including interest rates charged, are determined according to company policy, company costs, company customer service levels, turnover, consumer risk analysis and what is legally required by law.
  8. We will always attempt to be competitive, we will always attempt to offer fair terms and conditions, but we may not be offering the cheapest interest rate available at any particular time.
  9. Finally, please be aware that a competitor may offer a different term or condition more advantageous to you, or a lower interest rate, but before you attempt the comparison, enquire whether or not that competitor would accept you as a borrower of that particular loan. Your unique circumstances may prevent you from being able to qualify for these other competitor loans. Interest rates are often, at least in part, calculated according to the assessed risk of lending to a particular consumer or class of consumers, and often only certain consumers will be considered by the competitor as suitable for that particular loan. You personally may not meet their lending criteria, or not be considered in that class of consumer to which they are prepared to lend.

Thank you for reading this important Statement.

If you have any questions and/or require further explanation, please ask one of the Ume Loans team.

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