Hidden dangers of payday loans
WE carried out research recently which showed online searches for payday loans had been steadily rising in the UK.
The rise was sharp in 2011, with twice as many searches as the year before.
These loans are an expensive form of credit, often with APRs in the thousands. They are designed for very specific, short-term, occasional use.
Our principal concern is they are often made available without credit checks.
Many payday loans companies actually advertise the fact that they don't check a borrower's credit worthiness.
We believe lenders should be obliged to inform credit reference agencies when a loan is taken out and check whether an applicant has any outstanding liabilities. The initial cost in cash terms can look relatively small but if you extend the loan or default, the high APR rolls that amount up very quickly indeed.
As the popularity of payday loans has increased, we have seen a significant rise in payday loan-related debt enquiries.
Access to these loans is so easy, people simply don't take time to think through what could happen if they don't repay them immediately. Borrowers must be clear about the agreement they are entering into.
People struggling with debt can access advice at debtadvicefoundation.org/help or by calling 0800 2922077 .
IF your bank balance has plunged lower than the chilly winter temperatures, you are not alone.
With a debt hangover from the Christmas period, more and more people are looking at ways of getting their hands on cash.
But if you are considering a so-called payday loan, be warned - they have serious hidden dangers.
help paying off payday loan - News
From the three payday loans which totalled £550, I mounted up more than £3000-worth of late payment charges and interest. This took more than six months to pay off and left me penniless. I'm so embarrassed I fell into the trap.
A prominent payday lender, Advance America, is offering "fast" refunds though its storefronts, although it is unclear whether the product is a RAL, a regular payday loan, or a RAC in actuality. The website for TaxWorks, a division of RedGear,
Only use your card for emergencies or when you know you will be able to pay off the balance immediately. Not only will you avoid payday loans, but you will also be able to maintain a good credit score, which will help you in the future. .
Now that the holidays are over, more people are turning to payday loans to help make rent or buy food for their families. And with the numbers on the rise, the Consumer Fraud Task Force is warning consumers about payday loan pitfalls.
But the interest charged is so much lower that taking out one of these loans is always going to be a better idea than going to a payday lender who might charge upwards off 400% APR. And I can't help but think that with a bit of goodwill, other credit
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Trying to get this payday advance loan. I need some help paying this speeding ticket off as well as this damn defensive driving course.
RT @: payday loan help paying off 
payday loan help paying off