Displaying items by tag: support - Direct Pay Day Loans Lender In UK
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Monday, 28 May 2012 05:04

Payday loans by numbers

240 - The number of payday lenders in the market.

2 billion - The estimated worth of the sector in pounds.

50 - The number of payday lenders that were warned after a report in March by the trading watchdog to prove they are up to scratch or risk being put out of business.

12 - The number of weeks the Office of Fair Trading (OFT) gave lenders to show that they have addressed the problems it has found.

30 - The number of payday lenders' websites that emphasised speed and quick access to cash over cost out of the 50 looked at by the OFT in March.

270 - The typical size of a payday loan in pounds.

12 or more - The number of consecutive rollovers that some payday customers had in the most severe cases found by OFT inspectors.
Published in Blog

According to The Telegraph, UK payday loan customers are being encouraged to come forward to ombudsmen with any mistreatments or complaints about their lenders. The urge comes from the UK's Citizens Advice after examining that three quarters (665 cases) of payday loan cases in the country are worthy of financial ombudsman services. Over a third of the cases revealed that lenders have been using a recurring payment method to drain cash from customer's bank accounts without any warning. 

Published in Blog

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