Payday loans are not legal in all US states; those that do allow it set the APR at a maximum for the lenders who set up in the quick cash advance business.
If, after 6 months, no loan materialises following funds being released to a licensed broker for that purpose, the consumer is entitled to 100% of the cash back
OFT said that targeting vulnerable individuals was “unacceptable” and, until standards within the sector are driven up, enforcement action will be taken.
For those lenders who do not assess their customer’s ability to repay the loans they borrow, they are likely to find the envisaged reforms difficult to swallow
The UK and France can claim credit for this type of lending, and in volume – anything between about 9-14.5%, that is. Yes, we’re talking ABV, here, not APR.
As organisations like Cash Converter realise gains far greater than anticipated, we could soon be seeing the beginning of the end for the no credit check loan
The first real signs that short term loans are here to stay emerge as the industry are drawing on a wealth of financial talent leaving universities for new recruits
Following on from the furore that payday lenders Wonga caused last month, a new quick cash advance lender has hit cyberspace targeting pet owners, this time.
Literally every aspect for the lower income bracket of society is pointing them towards short term loans; there’s nowhere else to turn to provide a little luxury
IVAs & DMPs can burn bridges as far as securing future credit goes. If you’re not yet on the property ladder, it’s one ‘credit scar’ you could do without