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Do I need a credit licence?

The OFT cannot tell you if you need a licence, or which categories you need.

You are likely to need a credit licence if you:

  • sell goods or provide service on credit
  • hire or lease out goods for more than three months
  • lend money
  • arrange credit for others
  • offer hire purchase terms
  • collect debts or purchase debts
  • help people with debt problems
  • advise people of, or help them find information on, their credit standing 
  • administer agreements (but do not collect debts).

Even if you don't charge for your services or are non-profit making, or you don't do these activities all the time, you may still need a licence.

You are not likely to need a credit licence if you are:

  • only planning to accept credit cards issued by other businesses
  • only deal with limited companies.

For more information see Do I need a credit licence? (pdf 204kb)

If you are still unsure if your business needs a licence you can also refer to the Consumer Credit Act 1974 (external website) or seek independent advice.

 




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