The Consumer Finance Association has announced a new code of practice for payday lenders, but is it enough to protect consumers against payday advance lenders?
The Office of Fair Trading will soon have the ability to suspend consumer credit licences immediately, thanks to new powers the Government has given the watchdog agency.
You could end up in a dangerous cycle of debt if you take out high interest short term loans to supplement your paycheque.
Do your best to steer clear of instant cash loans from payday advance lenders, says the Citizens Advice Bureau, after finding that more and more Brits are finding themselves landing in hot water after taking out a payday loan.
If you’ve taken out a short term loan from a payday advance provider any time in the last three months, choose your mortgage lender with care – reports have emerged that more and more home lenders are using payday loans as an excuse to reject your loan application.
While most will associate peer-to-peer lending as a way to voice your discontent with high street’s banking institutions and how much harder they’ve made it to access credit, using a crowdsourced funding option can result in much better interest rates.
Experts say that you need to act sooner rather than later if you’re facing debt problems, especially as rent arrears could see you having to find a new place to live – and in a hurry.
While it’s tempting to take out short term loans in order to resolve your immediate financial issues, the long term effects of this type of borrowing can often have quite ill effects, financial experts have recently warned.
So you’re short on cash and you’re stuck between looming bills and your next pay period, and you think you might have to take out a payday loan – but did you know that relying on a credit union instead could lead to much more affordable lending?