Offering Credit

Home > Services > Business > Trading standards

Please help us improve trading standards webpages by taking our short survey.

Offering credit

If your business sells goods or services on credit or lends money to consumers, you almost certainly need to be licensed by the Office of Fair Trading.

• Providing or arranging consumer credit without a licence is a criminal offence and can result in a fine and/or imprisonment.
• A business cannot legally enforce a credit agreement if they are not licensed.
• If you offer debt counselling or debt adjusting services, you also need to be licensed.

Before deciding whether to grant you a consumer credit licence, the Office of Fair Trading assesses whether you are a 'fit' person. Once you have a licence, the Office of Fair Trading can revoke it, for example if you are convicted of an offence of violence or dishonesty, or fail to comply with the Consumer Credit Act or other consumer legislation.

Under consumer credit law, you must set out credit and hire agreements in a particular way and make sure they contain certain information.

To find out more about your duties as a credit provider, including guidance on who needs a licence and how to apply for one visit the Office of Fair Trading - Offering Credit pages.

Contact information

• email: ts.es@renfrewshire.gov.uk
• phone: 0141 840 3184 (select option 2)
• call in or write to us at:
  Trading Standards
  Renfrewshire House
  Cotton Street
  Paisley
  PA1 1BR