Bit of news this week: a councilor from Haringey has had it with payday lenders, calling on the government to cap interest rates.
Tag Archives: short term loans
Wonga just can’t keep out of the spotlight, can it?
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.
Payday loan use hits 1m Brits – and could rise even further
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.
Payday lenders prey on the innocent – does Google as well?
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.
Lenders continue to jump the gun when it comes to rate cuts
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.
Watch your wallets: Wonga considering mortgage provision
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.
BoE may drop base rate by December, could make loans cheaper
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.
Choosing between payday lender or credit union is no-brainer
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.
CFA launches new code of practice – is it enough protection?
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?
Government invests OFT with broader regulatory powers
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.