The eye-watering interest rates payday loan providers charge their customers, sometimes as high as 4,000 to 6,000 per cent or even more, are sinfully high, according to the bishop of Durham.
Tag Archives: payday advance
Ferratum brags about its market saturation in new report
A research study recently conducted by the payday advance lender claims that payday lending has become more and more important to Brits in order to help them ‘manage their financial affairs.’
Payday lenders charging as much as 6,000 per cent
Payday advance lenders found to be charging as much as 6,000 per cent interest – and in some cases even more – were labeled as “greedy” recently by government ministers.
Major payday loan provider launches SME lending service
One major payday loan provider in the UK has recently announced it is launching a new lending service specifically designed to provide credit to small businesses, remarking that the gap left by traditional lenders needed to be filled in order to foster the kind of economic growth that has been absent since high street lenders have scaled back their access to credit.
New credit union slated for Leatherhead
One town in the South East is soon to have its own credit union thanks to the aid of a former councillor concerned with the amount of companies offering high interest rate short term loans to economically disadvantaged residents, experts say.
Policymakers don’t understand role payday lenders play?
Policymakers have demonstrated a lack of understanding when it comes to payday advance lending firms, according to a recent research study from the Consumer Finance Association that found customer satisfaction rates are high.
Payday loan provider paying customers to advertise
One payday loan provider has begun to pay its own customers to market its short term loans to their Facebook friends, even though the interest rates charged by the lender are in excess of 20 times what it would cost a borrower if they used a typical credit card.
Financial adviser says never to use payday loans
One financial adviser has recently spoken out against payday advance lending, stating that no one should ever use payday loans under any circumstances.
US-based payday loan providers campaign and lobby hard
Due to new rules permitting political campaign contributions by large firms in the US, payday loan providers have begun to throw their political weight around by voting with their chequebooks – and they’re voting for Republican presidential candidate Mitt Romney.
Are there any benefits to payday advance lending?
There has been much said on both sides of the argument in regards to the relative benefits of payday advance lending, yet the question remains – is there truly any benefit in taking out a payday loan?