We have seen legislation in the wings for some time detailing how instant cash loan companies now have to impress upon potential customers how much they are due to repay and when they are due to pay the borrowed amount, plus the interest, back to the lender.
For those short term loan providers with some hidden agenda, that’s put a stop to their game. However, the majority of online providers of instant short term loans do not, and never have had, any such trapdoor they’re waiting to spring open on unsuspecting customers.
Everything has always been in the terms and conditions and, as law dictates, people applying for short term loans must confirm that they have read them before continuing with their application. If they have not, then blame cannot be placed at the feet of the company offering to get that individual out of the mire when it all goes belly-up.
The instant cash loan specialist will tell you that they’re taking on enough of the responsibility of the transaction offering no credit check loans as it is, without leaving themselves open to people trying to get out of paying because the t’s & c’s were inadequate.
To simplify the matter, brokers for pay day lenders are doing as they have been asked, but some are doing more than others to this end to protect the customer, their integrity and the money of the lender for whom they’re acting as the broker.
Payday Power (not to be confused with the bookies and now even less of a gamble) have gone to great lengths to impress upon its existing and potential customer base that the lenders they work with are all committed to responsible lending. They have not just put a frame on their home page to clarify how much the instant cash loan will cost the customer, they have dedicated a whole page on their website to a responsibility they take very seriously.
Not only are they reassuring their customers of the reliability of their service, but they have also gone to great lengths to explain and simplify the whole online loan application, in plain, clear English. There is even a whole list of bullet points to act as a checklist so that the customer is absolutely certain they’re in a position to take out the loan and meet the responsibility of repaying on time. It is there, in black and white and as transparent as is possible. If that’s not a contradiction.
If lending was so simple and up front on credit cards and traditional loan sources, many people may not be in the situation they’re in now.