Lenders are scrambling to slash the interest rates on their cash loans ahead of a rumored drop in the Bank of England’s base rate that is supposedly looming on the horizon.
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.
Instant cash loans supplied by payday lenders, which were once only rarely used, have since become a common occurrence, leading to serious problems for many who have found themselves falling deep into unmanageable levels of debt, experts say.
Wood Green is to be the site of a protest today aimed to shame money shops offering no credit check short term loans to local residents, it has been recently revealed.
One financial adviser has recently spoken out against payday advance lending, stating that no one should ever use short term loans under any circumstances.
Members of Islington Council have been forced to leave off their plans to ban instant cash loan providers from the borough, even as they lead successful protests against the instant cash loans industry.
While instant cash loan companies and their proponents may have recently cheered to see two credit unions censured by an industry watchdog, confidence is high that the sector will continue to grow and become an excellent alternative to no credit check short term loans when it comes to Brits in need of cash but who are unable to turn to High Street lenders.
The number of instant cash loan adverts being displayed on football club websites need to be reduced or eliminated, says a new coalition of fans.
There is a dire need of new legislation in order to protect borrowers from instant cash loan companies from putting them into an ‘impossible debt’ situation, according to the words of one financial charity official.
A recently released financial report indicated that while amounts owed by households in 2011 declined from the previous year, they face difficulties in repaying these long term and short term loans that could lead to a ‘tide of debt.’