Payday advance lenders have been in the news this week, and not in too many positive news stories either – but you don’t need me to tell you that, do you?
Payday advance lenders have become more or less universally reviled, with debt advice charities and MPs alike all coming together to condemn payday loans.
Well, it’s official: the University of East London has cemented itself as my favourite institute of higher learning after banning all payday loan adverts.
Debt problems are rampant in the UK at the moment – with younger Brits hit especially hard by unemployment – yet there are some payday lenders expanding.
Thanks to impending welfare and benefit reforms, the number of households sinking into debt is more than likely to skyrocket sometime in the immediate future.
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.
The boss of one Ilkeston-based credit union says that the dangers posed by providers of short term loans are quite real and should be avoided at all costs.
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.
A new report investigating the state of the unsecured credit lending industry was revealed this week, discovering that lenders have been behaving quite badly.