It’s incredibly difficult to escape payday loan related debt in the UK, and sometimes it seems like even the stars are aligned against you!
Borrowers suffering from rampant payday loan related debt are absolutely losing their minds out of desperation, though credit unions are trying to help.
Good and bad news both for lenders and borrowers this week: the CFA refuses to cap interest rates even as the government gives £38m in funding to credit unions.
It’s amazing: payday lenders, even when caught red handed, still whinge and moan, while a regulator once thought to bring balance sets up for disappointment.
Purveyors of payday loans online are so fearless that threats from the world’s most popular search engine provider don’t even register on their radar!
Let’s face it: nobody likes payday advance lenders unless they’re being paid to, but these payday loan providers have some very deep pockets!
There’s just no pleasing some people: even as the Office of Fair Trading strips the consumer credit licence from one firm, it’s criticised for not doing enough.
Pessimists will say that every silver lining has its cloud, and when it comes to the payday lending industry I can’t help but to agree with them on this one.
It’s a case of ‘better late than never’ this week, what with the Government finally beginning to crack down on those legal loan sharks known as payday lenders.
Whether you’re a large-scale national debt advice charity or one smaller in size, nearly everyone is very concerned about the state of payday lending in the UK.