CAB says steer clear of instant cash loans

Do your best to steer clear of instant cash loans from payday advance lenders, says the Citizens Advice Bureau, after finding that more and more Brits are finding themselves landing in hot water after taking out a payday loan.

Taken out a short term loan? Good luck getting a mortgage!

If you’ve taken out a short term loan from a payday advance provider any time in the last three months, choose your mortgage lender with care – reports have emerged that more and more home lenders are using payday loans as an excuse to reject your loan application.

More consumer protection is needed, financial expert says

One financial expert has said that the biggest problem to be had with payday lending is that there are simply not enough protection measures in place to prevent consumers from falling into massive debt as a result of taking out too many instant cash loans.