Items tagged with: payday loans
Parents and grandparents borrowing more for family members
23 May 2012
Supporting children and grandchildren is pushing 1.7 million parents and grandparents to use loans, savings, overdrafts and payday loans, according to research from MoneySupermarket.com.
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60% of payday loans 'used for essential living costs'
21 May 2012
New research by consumer watchdog Which? has found that more than 60% of people who took out payday loans were borrowing the cash to pay for household bills or cover the cost of essentials such as food, petrol and nappies.
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When there's a new kind of debt...
10 May 2012
Debt is nothing new, but the way people borrow really changes over time - and so does the way they see their debt. The Chief Executive of the Consumer Finance Association*, John Lamidey, points out that credit cards, for example, weren't always as accepted as they are today.
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Payday lender launches small business loans service
8 May 2012
Payday loan provider Wonga.com has launched a new service that could give small businesses access to loans almost as quickly as its consumer loan customers.
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Debt management plans for payday loans
28 April 2012
Debt management could help you to repay payday loans in full at a rate you can afford.... read more »
Could the cost of payday loans be capped?
24 April 2012
Calls to give financial regulators the power to set a maximum cost for payday loans and other high-cost types of borrowing have been taken to a vote in parliament, the Guardian reports.
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Loans: banks aren't the only option
11 April 2012
It's not news that 'traditional' bank loans are harder to come by than they were in pre-2008 Britain, or that payday loans have become far more common. But they're not the only options - and an article in Monday's Financial Times takes a look at a few different kinds of lending available to people and businesses in the country.
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OFT looks into concerns about payday loans
28 February 2012
The Office of Fair Trading (OFT) has launched an extensive review of concerns surrounding the payday loans industry - particularly focusing on the way they deal with financially vulnerable customers.... read more »
Could a credit card help 'repair' your credit rating?
13 February 2012
The charity National Debtline has said that it currently deals with five times as many cases involving a payday loan as it did 18 months ago, This is Money reports - due in part to people with a damaged credit rating looking for alternative forms of credit.
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Payday firms could change credit card market
6 February 2012
Payday companies could really change the future of the credit card, which is facing what's been called a 'mid-life crisis' - 45 years after it was introduced.
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Credit Unions: a cheaper alternative to payday loans?
31 January 2012
Research suggests that rising bills have led to a surge in popularity of payday loans. But the Irish League of Credit Unions (ILCU) points out that your local Credit Union could provide a much cheaper alternative.... read more »
Latest on call for payday loans cap
11 January 2012
As you may have read, some MPs are calling for a cap on the cost of high-cost credit such as payday loans. They're being backed on this by what might seem like an unlikely supporter - a payday loan provider.
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How do I get out of payday loan debt?
10 January 2012
If you're struggling with payday loan debt, you're not the only one. However, there is plenty of help available that could get your finances back on track.... read more »
1 million 'used payday loans to pay rent or mortgage in 2011'
4 January 2012
Nearly one million people took out a payday loan to cover the cost of their rent or mortgage in 2011, according to the homelessness charity Shelter.
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Payday loans: applications 'more than quadruple'
23 December 2011
Micro-loan lender Ferratum has revealed that four times as many people applied for a payday loan during the last fortnight than in the whole of last month, with the majority of borrowers aged between 18 and 35.
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You don't have to be young to be in debt
22 December 2011
Debt isn't something that only youngsters worry about. People of any age can end up in debt, struggling to repay the money they owe.
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How safe are peer-to-peer loans?
13 December 2011
With lenders getting stricter about offering loans in recent years, we've heard a lot about the rise of payday loans - a quick and convenient, but often expensive, way to borrow money. However, there's a third option that is becoming increasingly popular - peer-to-peer loans.
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60% of Britons 'worried about their debts'
7 December 2011
60% of Britons are worried about the amount of debt they're carrying, and 45% find they struggle to make their money stretch until payday.
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3.5 million 'could turn to payday loans'
7 December 2011
R3, the insolvency trade body that represents "professionals working with financially troubled individuals and businesses", says 3.5 million people are considering taking out a payday loan over the next six months.
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The real cost of unauthorised borrowing
5 December 2011
Some UK banks are charging their customers 'eye-watering' interest rates for exceeding their overdraft limit, the BBC reports.
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