should be careful about using catchy or upbeat jingles and animation in their TV ads, new guidance warns.
MORE than 100 payday lenders
have stopped trading after a clampdown on the industry's practices.
Pay back on time Payday lenders
charge up to PS24 interest per month for each PS100 you borrow.
In March 2013, new laws commenced which enhanced the responsible lending rules for small amount or payday lenders
This means many customers who may have previously relied on a payday lender
to plug holes in their finances are having to look elsewhere.
Your payday lender
should never take money from your account if it means that you are not left with enough money for everyday provisions.
It is gratifying to see that the My Home Finance scheme is having a positive effect and is giving tenants, such as Paul, a more reasonable alternative to the payday lenders
and doorstep 'loan sharks.
The fixation with huge APR rates for payday lenders
is very misleading because APRs are annual, payday loans are not.
Worse, Forbes' current wheeze, and his appearance on TV, attempted to justify the decision of Newcastle City Council to ban payday lender
websites from all of the council IT assets, including through the libraries, on the pretext of helping Newcastle residents budget better.
In many states in the US, the amount of interest that a payday lender
can charge you is capped at 36 per cent.
Research undertaken by the Chartered Institute for Securities & Investment (CISI) shows that customers looking to borrow money on a short-term basis might be better off going to a payday lender
rather than a high street bank.
A payday lender
generally advances a customer $100-$500 per loan.