Payday loans news

Loan firms offering customers up to £1k to get their pals into debt

mirror.co.uk

But consumer watchdogs have blasted companies such as Amigo Loans and BrightHouse for the 'unethical' practice

Number of Brits applying for payday loans has more than doubled in two years

mirror.co.uk

The stats reveal that the number of total applicants looking for emergency financial help has also nearly doubled - having shot up by 93%

Report shows seniors tapping into payday loans

pasadenastarnews.com

A growing number of cash-strapped California seniors are turning to high-interest payday loans, according to a report fr

Avoiding Payday Loans Makes the Poor Richer

bloomberg.com

Access to short-term, high-interest credit doesn't help people in a jam; it encourages reckless spending.

Payday loans firms are breaking competition rules designed to protect YOU

thesun.co.uk

DISHONEST pay loan firms appear to be breaking the new competition rules designed to protect vulnerable customers, a new investigation has found. The new regulations for payday loan firms came into…

Credit crackdown: payday loan cap remains, but overdrafts face ‘fundamental’ reform – Which? News

which.co.uk

The way banks charge for overdrafts faces fundamental reform and is punishing the most vulnerable customers, a report into the credit market has found.

Financial Conduct Authority extends cap on payday lenders, but action needed on other sectors

independent.co.uk

The way the critics had it, capping payday lenders’ charges would usher in an NHS crisis as overstretched hospitals struggled to deal with an epidemic of broken legs.  The move was portrayed as a loan shark’s charter that would cut the credit available to distressed borrowers, pushing them into the…

A crackdown on payday loans is saving people £150 million a year — overdraft fees could be next

uk.businessinsider.com

The average cost of a high-interest, short-term loan has fallen from over £100 to around £60, the FCA says.

Payday lenders still active after UK watchdog’s crackdown

ft.com

Loans available from 144 providers despite FCA’s introduction of tough rules

Loans boss paid hackers to attack consumer website, court told

theguardian.com

James Frazer-Mann was tracked down by FBI after paying Americans to target forum following complaints about his business

Payday loan companies 'hounding' homeless teenagers and pushing them into debt, charity warns

independent.co.uk

Unscrupulous payday loan companies are pushing debt onto homeless teenagers including those with learning difficulties, and “hounding” them for repayment, a charity has warned.

UK watchdog to review interest rate cap on payday loans

irishtimes.com

Rules from 2015 cap rates at 0.8% a day, but annualised rates of over 1,500% persist

I can’t pay my Credit Card Bills - Payday Loans Advice

payday-loans-advice.co.uk

Need help with Credit Card Debt? Are you struggling Credit Card Bills? Is your Credit Card company harassing you? Want to get out of debt? Get help now

US rival Enova knocks Wonga off its perch as king of payday lenders 

thisismoney.co.uk

Enova International – who owns QuickQuid – told its American investors last week that it has seized the top spot from Wonga partly by targeting middle-class families with its quick-fix loans.

When it comes to debt, Charles Dickens offers good financial advice | Coffee House

blogs.spectator.co.uk

I always feel sorry for Marley’s ghost in Charles Dickens’s ‘A Christmas Carol.’ He wore a heavy chain he had…

Control sought over nuisance calls offering payday loans

money.aol.co.uk

One in eight Britons is being bombarded with nuisance calls every day offering high-risk financial products like payday loans, a charity has warned. More than half (59%) of people surveyed for StepChange Debt Charity said they had received an

Major banks 'charging more to borrow money than payday lenders'

independent.co.uk

Some major banks are charging customers several times the fees of payday lenders to borrow money, an investigation by Which? has found. The consumer group probed the fees high street lenders charge when people slip into an unarranged overdraft - which could happen when someone breaches their planned...

Overdraft charges are more expensive than payday loans

money.aol.co.uk

Payday loans have attracted an enormous amount of our ire: it's hardly surprising when providers load the loans with such outlandish interest rate charges. However, while the worst excesses of the payday loan sector have faced a clampdown,

You only live once… so DON’T buy the dress - warning impulse buying will drive you to debt

express.co.uk

IMPULSE-buying pushes people into debt and is often regretted, experts warn as the Christmas spending season kicks in.

750,000 families with children 'struggling with serious debt'

theguardian.com

StepChange research finds growing number of households in financial difficulty, as zero-hours contracts and less secure work leave them vulnerable

Two million people cancel Christmas over money worries

money.aol.co.uk

Two million people cancel Christmas over money worries Millions of people cannot afford Christmas - some are cancelling and others go further into debt By Sarah Coles, Dec 16, 2015 Email This Two million people are so worried about money and debt that they're not spending anything on Christmas. Mill…

Alternatives to payday loans to fund Christmas

theweek.co.uk

Even after a regulatory crackdown the costs of these loans are still eye-watering

Residents with money issues at Christmas have been urged to seek the help from a community bank

burtonmail.co.uk

RESIDENTS who are struggling to make ends meet at this time of year are being encouraged to sign up to community banks for help. Derbyshire County Council is urging those who feel the pinch over...

George Osborne planning new tax on payday lenders to fund loan sharks crackdown

independent.co.uk

The Government is looking to introduce a new levy on payday loan companies to fund support for people who fall victim to illegal loan sharks, the Chancellor has said. George Osborne told MPs that the proposal was being examined to plug funding gaps in the national authority dedicated to cracking dow…

A crackdown on payday lenders is driving borrowers to more desperate means

independent.co.uk

Borrowers could become prey for controversial ‘loan sharks’ because of a crackdown on payday lending, according to the Consumer Finance Association.

Payday lender numbers shrink by a third in response to new rules - FT.com

ft.com

More than a third of payday lenders in the UK have stopped operating in response to rules designed to stamp out irresponsible lending. Of 400 companies that had a payday licence, only 247 have applied to the regulator to continue offering high-cost,

Wonga relaunch targets 'hard-working people' - 1,509% APR and brand to stay

theguardian.com

Payday loans firm targeting a potential market of 13 million people who are ‘underserved by traditional lenders’

Payday loans problem eases

westerndailypress.co.uk

The number of payday loan problems being reported to Citizens Advice has nearly halved compared with a year ago. Citizens Advice said it helped with 5,554 payday loan problems across England and...

Payday loan problems falling post-caps - Industry in depth - Mortgage Introducer UK

mortgageintroducer.com

The number of problems reported to Citizens Advice about payday loans have almost halved since the regulator enforced a several caps on interest and fees payday lenders could charge.

Wonga escapes prosecution for fake law firm scandal

mirror.co.uk

The shamed company has agreed £2.6m compensation over its debt collection practice – but police say there is not enough evidence to take it to court

Wonga will not face criminal investigation over fake legal letters

dailymail.co.uk

The payday lender was ordered last year to pay more than £2.6million in compensation to 45,000 customers who received the bogus letters.

Police probe into Wonga ruled out - FT.com

ft.com

A criminal investigation into whether Wonga deceived customers by sending fake letters from lawyers in an attempt to collect debts has been ruled out because of insufficient evidence. The City of London Police said on Thursday that it found the

Payday loan calculator: see the stark difference before and after the new rules

mirror.co.uk

Earlier this month the Financial Conduct Authority changed the rules around short term lending. See how drastic the difference is with our calculator.

One-in-three Brits use payday loans for mortgage costs

mortgagesolutions.co.uk

More than one-in-three Brits have taken out a payday loan to help them meet their monthly mortgage or rent payment, research has found.,Industry,Unsecured Loans ,debt management,payday loans,debt ,mortgage

Financial Advice - Ask financial questions for free online

financialadvice.co.uk

Free answers to your financial questions in under 60 mins from a qualified financial adviser. Get financial advice and help with Pensions, Mortgages, Debt, Savings, Investments, Insurance and more.

Concern UK payday lenders will offer risky credit to survive - FT.com

ft.com

Tough new rules threaten to extinguish nearly all of Britain’s payday lenders at the start of next year, but concern is mounting that exorbitantly priced credit will still be available and that companies will resort to offering other risky services