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Let me make it clear about pay day loans, as well as other lending that is short-term

Let me make it clear about pay day loans, as well as other lending that is short-term

About this web web page

This site contains information on our basic way of complaints about payday advances as well as other short-term financing. If you’re interested in information especially with regards to Covid-19, please have a look at our devoted web page which contains information for consumers about complaints pertaining to Covid-19 .

What exactly are payday advances?

Payday advances are a kind of borrowing referred to as “high-cost, short-term credit”. You borrow between ВЈ50 and ВЈ1000 and spend back once again the mortgage with interest, within one payment on or right after your following payday. This type of borrowing is commonly more costly than several other forms of credit.

There are various other kinds of short-term financing, including:

  • instalment loans – repayments are spread regular or month-to-month over several repayments, typically between three and a year
  • ‘running credit’ or ‘flex credit’ – the way in which this works is comparable to a bank overdraft, borrowers and provided a ‘limit’ they can draft to as an once they want to, provided they spend at the very least the attention off every month. This type of credit is expensive and intended for short term use only while the credit agreement has not fixed end date.

Kinds of complaints we come across

We have complaints from customers whom inform us that loan providers:

  • lent them cash without checking they could pay for it, now they’ve lots of additional interest and fees which they can not spend
  • had been unreasonable or unjust when their financial predicament changed
  • just weren’t clear about whenever re re payments had been due

Everything we check

Like all lenders, short-term loan providers need to ensure they are providing credit in a accountable method. They have to complete reasonable checks to be sure you are able to repay that loan before agreeing to it. (more…)

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