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.
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!
Would you think hiring a reality television star known for having debt and bankruptcy troubles as the spokesperson for a payday lender is a good idea?
The Office of Fair Trading has to stop dragging its feet and put the irons to the payday lending industry before more Brits fall into debt, one MP has urged.
Debt advice experts say that as many has half a million Londoners may be poised to take out short term loans to finance their Christmas pending this year.
New research released this week has revealed that some 4 million Brits may end up deep in debt due to the costs of borrowing cash for Christmas spending.
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.