Consumer Credit Licences
If a business offers credit or lends money to consumers, or allows customers time to pay for goods and services, it must be licensed with the Consumer Credit Licensing Bureau of the Office of Fair Trading under the Consumer Credit Act 1974.
You are likely to need a consumer credit licence if you want to:
- sell on credit
- hire or lease out goods for more than three months
- lend money
- issue credit cards or trading checks
- arrange credit for others
- offer hire purchase terms
- collect debts
- help people with debt problems
- advise on people's credit standing
- administer agreements (but do not collect debts) for creditors or assignees
- help individuals to locate and correct records about their financial standing.
How to apply
You can research information and apply for a Consumer Credit Licence by visiting the following webpage:
www.oft.gov.uk/advice_and_resources/resource_base/credit-licence/
Further information
For further general information see the Office of Fair Trading website.
