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The Financial Conduct Authority now has the power to cap the cost of short term loans. Despite the industry launching an enhanced code of practice agreed to by 90% of the lenders last week, the House of Lords today ammended a bill to include the power to cap rates.
The next Archbishop of Canterbury Bishop Justin Welby was one of the members of the House of Lords that waded into the lenders when he described the debate as a moral case that is ‘bad for the clients and bad for all of us in this country when it is permitted to happen.’
The FSA has been under pressure to crack down on the rogue lenders from several MP’s and its record isn’t great when it comes to revoking licences etc. but hopefully being able to cap the costs imposed by any lender not following the rules will see these companies finally put out of business or at least moved onto another country to ply their trade.
Unfortunately, it seems many of these companies have realised the gravy train is about to come to the end of the line and are going all out to grab as much custom as they can before they are stopped.
A quick search on Google for payday loans returns 7 ‘dodgy’ results that included sites that don’t show their consumer licence or the the APR. Some, including the top result is nothing more than a redirect page that sends you to a different website than the one you clicked on.
If you must take out a short term loan then stick to the companies you have heard of and that are members of the Consumer Finance Association. Their members have all signed up to a customer charter which means you have somewhere to take your complaint should something go amiss.…
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Insolvency trade body R3 say their research suggests around 4 million of us (that’s 8% of the population) will turn to payday type loans this Christmas to help them purchase gifts.
“I am worried that so many individuals are intending to take a payday loan to cover the cost of Christmas. I would…
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In what is being seen as a worrying trend for the 3 million customers of Quickquid, PaydayUK and all the other various short term payday loans companies operating in the UK, it has emerged that some mortgage lenders are turning down applications if the applicant has previously used the services of one…
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Payday lenders have long argued that the people most critical about their business…
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Stella Creasy has today tabled an amendment to the Financial Services Bill which if…
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The Money Shop have been refused permission to open a new store on Tower Bridge Road in…
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A new social lending company (also known as peer to peer lending) has launched this week…
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Logbook loans work on an old Victorian law called the Bill of Sales Act.
Anyone taking…
If you are considering selling gold for cash then make sure you visit at least 3 different…
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A group of fans have come together to collectively call on their local football clubs…
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Yes Loans have decided not to appeal against the OFT decision to revoke their credit…
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The Lending Well is the first peer to peer lending company to move into the payday loan…
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Christmas Money Worries Expected To Mean More Loans |
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Short Term Payday Loans Can Effect Your Chances Of Getting a Mortgage |
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Consumers Happy With Payday Loan Service Say CFA |
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Will Financial Regulator Get The Power To Cap Payday Loan Costs? |
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The Money Shop Refused Permission For New London Branch |
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Social Lending Company Encash Target The Middle Market |
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Beware The Bill Of Sales Act |
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Selling Gold For Cash |
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Wonga UK Ads Should Be Removed Fans Tell Football Clubs |
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OFT Say No To Yes Loans |
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The Lending Well Review |
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Peer To Peer Lending Moves Into Payday Loan Market |
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Cash Converters Cashing In On Hard Times |
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Debt Advice About Payday Loans In Demand |
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Payday Lenders To Be Investigated By OFT |
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Wonga Limits Rollover Loans |
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Stella Creasy Talks About Payday Loans |
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Wonga Under Fire For Targeting Students |
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Athens Pawnbrokers Cash In |
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Online Payday Lenders Could Be Mis-Selling |
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M&S Money Drop Personal Loan Rate To 6% |
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Ban Payday Loans – Be Careful What You Wish For |
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PaydayUK Charges Don’t Compare Well With Other Lenders |
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Online Payday Loans – Beware The Scams |
