The Association of Short Term Lenders (ASTL) has encouraged all businesses in the short-term lending market to use this period to ensure that they are in good shape to help clients and support recovery when normal market activity returns.
Vic Jannels, CEO of the ASTL, said: “It almost goes without saying that these are very difficult times for all businesses operating in the short-term lending market. At a time when there are so many obstacles to successfully carrying out activity which we would ordinarily take for granted, we also know that businesses are subject to significant scrutiny when it comes to the way they work with customers.
“We do not know when this period will end, but we do know that it will end! I expect that there will then be many opportunities for short-term lenders and brokers to help clients to rebuild their cashflow and help facilitate recovery for the future.
“It is, therefore, hugely important that businesses use this period to ensure they are best placed to support the recovery and able to demonstrate their commitment to working in the best interests of their customers.
“The ASTL Code of Conduct provides a framework for lenders to do just this, delivering the highest standards or transparency, professionalism and fairness – and I would encourage any broker to use this time to become familiar with those lenders that are signed up to the Code.
“Similarly, for lenders, there is no better time to review your business priorities and invest in a commitment to the future of the market, and the future of your business.”