About this web web page
This site contains details about our basic way of complaints about payday advances as well as other short-term financing. If youвЂ™re trying to find information especially with regards to Covid-19, please glance at our page that is dedicated that information for customers about complaints in terms of Covid-19 .
What exactly are pay day loans?
Payday advances are a kind of borrowing referred to as “high-cost, short-term credit”. You borrow between ВЈ50 and ВЈ1000 and spend the loan back with interest, within one re re payment on or right after your following payday. This sort of borrowing is commonly higher priced than various other kinds of credit.
There are some other kinds of short-term financing, including:
instalment loans вЂ“ re payments are spread weekly or month-to-month over several repayments, typically between three and 12 months вЂrunning creditвЂ™ or вЂflex creditвЂ™ вЂ“ the way in which this works is comparable to a bank overdraft, borrowers and provided a ‘limit’ they need to, provided they pay at least the interest off each month that they can draw up to as an when. Although the credit agreement hasn’t fixed end date, this kind of credit is high priced and designed for temporary only use.
Kinds of complaints we come across
We have complaints from customers whom reveal that loan providers:
lent them money without checking they can’t pay were unreasonable or unfair when their financial situation changed weren’t clear about when payments were due that they could afford it, and now they have a lot of extra interest and charges
That which we glance at
As with any loan providers, short-term lenders must make sure that theyвЂ™re offering credit in a accountable means. (more…)