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 specialized web page which has information for customers about complaints with regards to Covid-19 .
Exactly what are pay day loans?
Payday advances are a form of borrowing called “high-cost, short-term credit”. You borrow between ВЈ50 and ВЈ1000 and spend back once again the mortgage with interest, in one single re re payment on website link or right after your following payday. This type of borrowing is commonly higher priced than various other forms of credit.
There are various other kinds of short-term financing, including:
- instalment loans вЂ“ repayments are spread regular or month-to-month over several repayments, typically between three and a year
- 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. 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 reveal that loan providers:
- lent them cash without checking they can’t pay that they could afford it, and now they have a lot of extra interest and charges
- had been unreasonable or unfair whenever their financial predicament changed
- just weren’t clear about whenever re re payments had been due
Everything we have a look at
As with any loan providers, short-term loan providers need to ensure that theyвЂ™re providing credit in a accountable means. 继续阅读