It’s bad news for Wonga, as its high interest rate days are numbered thanks to a surprise House of Lords vote this week approving a last minute amendment.
Bit of news this week: a councilor from Haringey has had it with payday lenders, calling on the government to cap interest rates.
If you ever want to take lessons on how to get in the spotlight and then stay there – and damn the consequences – don’t look any further than the UK’s biggest payday advance lender.
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.
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.
One financial expert has said that the biggest problem to be had with payday lending is that there are simply not enough protection measures in place to prevent consumers from falling into massive debt as a result of taking out too many instant cash loans.
£38 million has been allocated for credit unions to be used for improvements to their IT systems and infrastructure by Lord Freud, the welfare reform minister, it was recently revealed.
One local authority has paved the way for the local credit union to expand in order to protect a larger number of people from falling into debt, it was recently revealed.