A new survey says that 1 out of every 20 families in the UK falls under the payday loan curse, but there’s hope: some people are banding together to fight.
Here’s a story that will get you hopping mad: the Scottish government’s decision to increase bankruptcy costs means the poor need payday loans to afford it!
New research revealed this week that payday loan providers are benefiting from the massive overdraft charges high street banks charge to their customers.
With this week marking the one-month anniversary of Christmas Day, campaigners warn that festive season debt from payday loan providers has come home to roost.
If you’re in a financial bind that sees you having to make the choice between using a payday loan provider or seeking out your local credit union, the decision should be a no-brainer.
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.
It’s all too easy to develop tunnel vision when a financial crisis rears its ugly head, but financial experts say that you need to keep your alternatives in mind before going down the payday loan path of least resistance in order to avoid even more long-term financial woes.
One MSP has recently called upon the Scottish Government to issue warnings to people about how dangerous taking out short term loans from payday advance providers can be, especially in light of how many are brought low by rocketing debt levels as a result every year.
If you’re fearful of running afoul of your creditors, especially those in the payday advance lending industry, you’re not alone – a new research project recently revealed that an overwhelming 93 per cent of Brits feel that they need to be protectedbetter from instant cash loan companies.