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Payday lenders condemned for sentencing visitors to years-worth of costly financial obligation

Friday, February 21st, 2020

Payday lenders condemned for sentencing visitors to years-worth of costly financial obligation

People Advice has stated the approach to more competition within the payday loans marketplace is for banking institutions to provide accountable options. Provisional findings from your competitors and areas Authority has found cash advance customers could be paying ?5 to ?10 more per loan because of lack of competition.

Gillian Guy, People Guidance Leader, said:

“People are having to pay throughout the chances for payday advances that often sentence customers to years-worth of expensive debt. Borrowers are left with deep economic issues after the thing that was allowed to be a quick fix can become a long haul financial obligation nightmare. (more…)