Bit of news this week: a councilor from Haringey has had it with payday lenders, calling on the government to cap interest rates.
If you ever want to take lessons on how to get in the spotlight and then stay there – and damn the consequences – don’t look any further than the UK’s biggest payday advance lender.
Things just seem to keep going from bad to worse this week, as not only has it been revealed that 1 million Brits use payday loans every month, this figure is sure to rise soon.
It’s no true surprise that Wonga is back in the news for more atrocities against borrowers – what else is new – but new evidence says Google may be up to no good as well.
Usually there’s no dearth of horrible news when it comes to payday loan companies doing their best to drive you mad, but the past week or so has featured high street lenders.
As if having to see payday loan adverts on Red or Black? wasn’t bad enough, now Wonga is considering a foray into the mortgage lending market sometime in the future.
While the Bank of England hasn’t done so yet, the writing is on the wall – the base rate may drop by 0.25 percentage points by the end of the year, bringing cheaper loans.
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.
The Consumer Finance Association has announced a new code of practice for payday lenders, but is it enough to protect consumers against payday advance lenders?
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.