We’ve all seen the advertising – slogans such as ‘Why wait ‘till pay day to have fun?!’, pictures of smiling faces in holiday mode, waving larges wads of cash about. Pay day loans – convenient and hassle-free, no boring credit checks and the money’s in your account the same day. They’re great aren’t they?
Obviously most of us realise the reality is quite different. As a Money Adviser I am dealing with more and more Pay Day loan misery and even though the industry has been forced to clean up its act many of the same problems still exist – astronomical interest rates, late payment penalties, loans rolled over, offers of more money, bank accounts cleared and underhand tactics.
Typically, a borrower will borrow £200.00 and agree to repay around £260.00 in 28 days’…
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