Tenants residing in Sherwood are soon to receive financial advice on how to stay away from excess debt during this festive season – and one recommendation may be to steer clear of instant short term loans, experts say.
The Government has recently announced that it will be overhauling how borrowers repay their debts through several changes to be instituted as early as next March, members of the short term loans industry recently reported.
One consumer credit watchdog has recently commented on the role instant cash loan providers could possibly play in regards to the debt accrued by lower income families in the UK in its response to new consumer credit improvement measures instituted by the Department for Business, Innovation and Skills.
Both the Money Advice Trust and Citizens advice are warning consumers that an introductory 0% instant cash loan deal could lead them into an out of control spiral of debts.
Despite all the bad press short term loans have been getting as of late, industry experts say that short term loans such as these are excellent for those households keeping strict budgets due to adverse economic conditions.
Payday advance lenders have redoubled their advertising efforts as of late in an attempt to market instant short term loans to those in need over the coming festive season.
While more and more consumers are finding themselves in need of quick loans, the Consumer Finance Association has come forward in order to dispel the rumours swirling about in regards to the short term loans sector.
With the festive season more or less upon us, many of us may begin to feel the icy grip of panic begin to settle around our hearts when it comes time to choose between buying friends and family presents or paying our bills – yet taking out instant cash loans may be the answer many people are looking for.
Pressure groups were recently angered by the government’s refusal to limit instant cash loan providers and other high-interest lenders, short term loans specialists report.
One debt charity recently stated that free cash loans could be targeting families with financial troubles by luring them into paying massive penalties for late repayments, industry experts report.