New research revealed this week that payday loan providers are benefiting from the massive overdraft charges high street banks charge to their customers.
Thanks to new credit record integration technology, payday loan providers will now have no excuses when it comes to determining whether or not their customers will be able to afford to repay the sums they borrow, it was recently revealed.
One provider of instant cash loans to borrowers in the UK has stepped forward to speak out against the criticisms leveled against the payday advance industry that has culminated with an investigation into the lending practices of the sector by the Office of Fair Trading.
The number of complaints made against payday advance lenders have risen by more than double over the past 12 months, as controversy over providers of short term loans mounted due to alleged aggressive marketing practices and high repayment costs.
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.
Households in the UK have been repeatedly warned by traditional lenders to not deal with instant cash loan providers, but with the economy in its current state, the only way for many to get emergency funds is through no credit check loans.