FCA warns on self cert lender eyeing unemployed borrowers

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The Financial Conduct Authority is warning consumers about a lender targetting the unemployed with self cert loans.

Unemployed Loans describes itself as part of a network that includes Prague-based self-cert lender selfcert.co.uk.

The website says: “Giving the unemployed loans is tricky, but we are not going to exclude people because they don’t currently have a job. There maybe hundreds of reasons why people without employment would benefit from a loan.The least we can do is listen to their reasons and make a informed decision.

“The site will continue to lend to those that are currently without work, we will continue to resist calls from those who think that certain people don’t deserve credit.

“We are not based in the UK, by being based abroad we are able to make our own decisions. One of those decisions is to bring back self cert mortgages.”

The firm is not yet trading but says it will soon.

The Unemployed Loans website is registered to selfcert.co.uk founder Graeme Wingate.

The FCA says: “We believe this firm has been providing financial services or products in the UK without our authorisation.

“This firm is not authorised by us but has been targeting people in the UK.”