Thanks to new credit record integration technology, payday loan providers will now have no excuses when it comes to determining whether or not their customers will be able to afford to repay the sums they borrow, it was recently revealed.
While there’s no news on whether this will see them raising or lowering the exorbitant rates on their short term loans, one payday advance lender has announced it could be moving into the savings market.
It’s time for short term loan providers to be regulated much more closely when it comes to their advertising campaigns, experts say, as as concerns about borrowers falling prey to misleading loan agreements.
Instant cash loans supplied by payday lenders, which were once only rarely used, have since become a common occurrence, leading to serious problems for many who have found themselves falling deep into unmanageable levels of debt, experts say.
Members of Islington Council have been forced to leave off their plans to ban instant cash loan providers from the borough, even as they lead successful protests against the instant cash loans industry.
There has been much said on both sides of the argument in regards to the relative benefits of payday advance lending, yet the question remains – is there truly any benefit in taking out an instant cash loan?
A misleading advert from one instant cash loan provider was recently banned by the Advertising Standards Authority, short term loans experts recently reported.
With new websites offering payday advance lending through a peer-to-peer loan strategy such as The Lending Well beginning to emerge, instant cash loans experts have expressed concerns that a proliferation of hybrid lending sites may be going too far.
Anti-instant cash loan campaigners took to the streets recently, bringing their message to the doorsteps of firms believed to be some of the worst offenders when it comes to providing instant cash loans with unsustainably high interest rates.
Payday loan providers on this side of the Atlantic have been a growing problem in the UK for several years now, but providers of instant cash loans in the United States have been wreaking havoc for much longer, according to recent industry reports.