Payday Loans News

British Parliament Prepares To Vote On Payday Loans

April 27, 2012

On Monday, British Parliament began debating whether to empower regulators to cap costs for high-priced borrowing including payday loans. Stella Creasy, Walthamstow MP, tabled a Financial Services Bill amendment designed to better protect consumers. She has been outspoken regarding practices that she refers to as “legal loan sharking.” Other Labor MPs backed the amendment, three [...]

Payday Lending Industry Is Changing The UK

April 14, 2012

As global financial troubles continue, more UK residents are turning to payday loans to cover expenses. In the past, the typical payday lending customer earned a low income and was desperate for fast, no credit check loans. Today, these lenders are catering to more people who earn a decent income but need small loans with [...]

Yes Loans Will Not Appeal License Revocation

April 11, 2012

Last month, we informed you that the Office of Fair Trading (OFT) stripped Yes Loans of its credit license. Yes Loans is one of the largest loan brokers in the UK and was accused of engaging in “deceitful and oppressive business practices.” Representatives recently announced that Yes Loans and its associated business, Blue Sky Personal [...]

British Payday Lenders Profited During Economic Downturn

April 1, 2012

Not everyone suffers when the economy takes a turn for the worse. In Britain, the payday lending industry benefitted greatly from the financial crisis that began four years ago. Payday loans are short-term financing for small amounts of money that carry a high rate of interest. When banks say no, more Brits are turning to [...]

MPs Call Britain Wild West For Payday Lending

March 20, 2012

In a recent report, MPs referred to Britain as the “wild west” for payday lenders. These politicians claim that the high loans APR has caused millions of Brits to fall further into debt. Many residents are facing the loss of their homes, the MPs said, and action must be taken. These no credit check loans [...]

CCCS Reports Troubling Statistics Regarding Payday Loans

March 17, 2012

Payday loans are designed to help consumers, not hurt them. Unfortunately, more people seem to be getting themselves into deeper financial trouble with these loans each year. According to the UK Consumer Credit Counseling Service (CCCS), there was a huge increase in the number of payday loan-related calls it received last year. The combination of [...]

UK Payday Lender Claims Customers Are Not Doing Their Homework

March 14, 2012

Payday loans APR are known for being quite high, with many lenders offering rates of thousands of percent. This makes it important for prospective borrowers to comparison shop for the best deal. With so many people in financial distress and trying to save money, one would think that they would make every effort to find [...]

The Guardian Explores Wonga

March 7, 2012

Intrigued by advertisements from UK payday lender Wonga, The Guardian recently explored the popular payday lender. The corporate culture of Wonga is nothing less than cheerful. Radio and television ads feature dancing puppets and approved borrowers receive upbeat email messages filled with exclamation points. These include a note indicating that funding is in process and [...]

UK Residents May Soon Be Viewing Fewer Payday Loan Ads

March 7, 2012

UK Ministers have warned that a crackdown on ads for payday loans may be coming. This will affect many credit companies offering short-term, no credit check loans with high loans APR, including Wonga. In 2011, Wonga held the distinction of spending the most on above-the-line advertising, in which the ad agency takes a commission for [...]

OFT Investigation Of Payday Industry Begins

February 28, 2012

It has been discussed for a while and it is finally happening. The Office of Fair Trading (OFT) recently launched its review of the UK payday lending sector. This investigation was spurred by widespread concerns that some less than scrupulous lenders are taking advantage of customers. No credit check loans are designed to help people [...]

Payday Lenders Have Checks And Balances In Place

February 25, 2012

Payday loans are popular in the UK, which has led to increased media coverage. Unfortunately, not all of this publicity is positive. Even the UK government has made its thoughts public, saying that additional industry regulation is required. Issues pertain to the customer base, which includes many low-income consumers, as well as the loans APR, [...]

Understanding And Using Payday Loans Responsibly

February 23, 2012

Payday lending has existed for several years but has recently become more popular due to television advertising and other promotions. Fallout from the 2007 recession has made it difficult for many consumers, especially those with poor credit, to obtain financing. Payday lending is a quick and easy alternative to loans bank provided. The process does [...]

Payday Lender Invited To Teach Children About Finances

February 17, 2012

In what some would call an ironic twist, staff from payday lender Dollar Financial UK are providing money management advice to children. Payday lenders are known for charging extremely high loans APR. While some consumers find this financing beneficial, others wind up with huge loans debt because they are unable to repay the principal, interest, [...]

While Consumers Flock To Payday Loans, Business Owners Drain Savings Accounts

February 16, 2012

Payday loans have become very popular with UK consumers who are strapped for cash. While private individuals are not shy about using this financing, more business owners are choosing to tap into their personal savings account for business financing. This trend is concerning because it could leave entrepreneurs without any money for retirement or, even [...]

Payday Loans For Plastic Surgery—What Will They Think Of Next

February 15, 2012

Payday loans have been recommended for many purposes, emergency car repair expenses and medical bills being two of them. But, who would have thought that lenders would recommend them for plastic surgery? The Daily Mail recently reported that providers of these no credit check loans are marketing services to UK consumers considering plastic surgery. One [...]

Payday Loan Company Targeting Pet Owners

February 9, 2012

UK consumers use money from payday loans to pay for car repairs and unexpected expenses. They even apply the cash to medical bills for themselves or another family member. If these loans are suitable for medical expenses for humans, there is no reason they cannot be used for veterinary bills for a beloved pet. A [...]

One-quarter Of Debt-Riddled UK Citizens Use Payday Loans

February 7, 2012

Recent research conducted by Vincent Bond & Co reveals that 28 percent of UK citizens in debt have taken payday loans. From 2006 to 2009, there was a four-time increase in the number of people using these short-term, no credit check loans. During 2009, 1.2 million UK residents took a total of £1.2 billion in [...]

New Payday Loan Rules Unlikely To Offer Greater Short-Term Protection

February 4, 2012

The Financing and Leasing Association (FLA) announced an updated code of lending practices for payday loan companies. However, consumer rights groups noted that these new rules will not likely provide increased protection to consumers during the short-term. Critics feel that additional action must be taken to prevent UK consumers from getting themselves into more debt. [...]

Payday Loans Proving Alluring To UK Females

February 2, 2012

They may not be the loans cheapest to get but payday loans are proving very popular with females in the UK. Lenders promising instant cash and charging interest rates of up to 16,000 percent are attracting women in droves. One UK female is expected to take a payday loan every 15 seconds during the next [...]

UK Payday Lender Throws Its Support Behind MPs

January 31, 2012

Speedeloans is an award-winning UK payday lender that offers one of the lowest loans APR in the industry. It offers instant lending decisions and funds loans within two hours for borrowers who need money quickly. The CEO of this reputable lender recently voiced his support for governmental capping of payday loan costs. This move is [...]

Payday Loans In UK Spotlight

January 24, 2012

Before Christmas, there were reports that many UK residents were using payday loans to fund holiday spending. A post-holiday study by lender Speedeloans revealed that three times more people used these no credit check loans during the 2011 holiday period than during the 2010 season. Despite what seems like an alarming increase in the number [...]

Payday Lender Targets Students Online, Resulting In Page Removal

January 17, 2012

Higher education reforms enacted by the UK Coalition will cause university fees to increase to as much as £9,000 annually in 2012. This has thrown many students into a state of panic and some companies are taking advantage of the situation. As the result of a media campaign, the popular online payday lender Wonga recently [...]

Things To Consider With UK Payday Loans

January 12, 2012

Cheap loans are becoming more commonplace in the UK but are harder to qualify for these days. Anyone whose credit score is even slightly tarnished is likely to be rejected by banks. With this financing off the table, many people turn to payday loans. This funding is much more expensive but is also fast, easy [...]

Stricter Lending Criteria May Push More UK Citizens To Payday Loans

January 7, 2012

The Bank of England (BOE) published its Credit Conditions survey on Thursday and this did not contain good news. Banks in the UK are expected to tighten their personal and business lending criteria during first quarter 2012. Contributing factors include a weakened economic outlook and pressures within wholesale funding markets. As bank financing becomes more [...]

UK Payday Loans Provide Rent Assistance For People

December 5, 2011

Many UK residents cannot afford to own a home, while others are unable to get approved for a mortgage due to strict lending guidelines. This leaves them to rent a residence, which has been a cost-effective alternative in past years. Since the financial crisis, however, renting has become much less affordable. According to Zoopla, a [...]

Additional Card Fraud Protection Measures Implemented By Payday Express

September 20, 2011

UK residents who have needed cash quickly in the past have likely heard of Payday Express. This provider of instant approval payday loans has been serving UK consumers for years. Recently, the lender has increased its fraud protection measures by improving its cardholder verification process. It and many other financial services companies are taking major [...]

New Payday Lending Code Deemed Unimpressive

July 18, 2011

Taking out payday loans in the UK means subjecting oneself to annual interest rates as high as 4,214 percent. A rational person would not do this unless the situation was dire. Payday lenders justify the sky-high rate by saying that on-time repayment will avoid the full impact. Despite this thinking, many called for reform and [...]

End The Month On A High Note With Payday Loans

July 11, 2011

By the time the month ends, the bank account balance is not usually very impressive. After paying the monthly bills, there is sometimes little cash left over for discretionary purposes. An unexpected expense can wipe out that excess and then some, making it necessary to find additional funding. Payday loans are one source because they [...]

Instant Payday Loans For UK Borrowers

July 6, 2011

Whether you need new tires or the utility bill is higher than normal this month, extra cash may be required. Like people elsewhere in the world, UK residents are not always prepared for unexpected expenses and in some cases, the bill cannot wait until they have the money. These situations require instant payday loans designed [...]

Getting A Payday Loan Without Using A Bank Account

June 21, 2011

Money is often not there when we need it most. Payday loans are a convenient way to get cash but many of them require a checking account. However, there are short-term, no credit check loans that do not have this requirement. People with bad credit do not have to worry about being approved and they [...]

Need Money Today? Consider Payday Loans

June 13, 2011

Did you ever get yourself into a financial jam where you needed money immediately? Unless you have a wealthy family member, the places you can get it are limited. UK residents are fortunate in that there are same-day payday loans designed for this situation. A short-term payday loan enables a person to pay bills or [...]

Savings Account Payday Loans Discussed

June 8, 2011

When the car breaks down or we turn on the air conditioning, we pay for it- literally. Many of us do not realize that we are short on funds until we are faced with a bill. Friends and family are often not in a position to help us financially so we turn to a short-term [...]

Reasons To Consider Online Payday Loans

May 17, 2011

New online payday lenders are being established on a regular basis due to consumer need. The economy has made things financially uncomfortable for many people and these lenders provide assistance with quick cash loans. More and more, consumers are turning to payday loans as the solutions to their temporary financial problems. This type of loan [...]

Things To Look Out For With Payday Loans

May 9, 2011

High-cost credit like doorstep and payday loans may be the only option for someone with poor credit. People who are already in debt must be careful when taking out these loans. On average, those who use payday loans take advantage of them 3.5 times per year. Before applying for these, consumers should consider all other [...]

Need Money In One Hour Try Instant Payday Loans

May 7, 2011

We cannot always predict when cash will be needed because emergencies sometimes arise. If the car breaks down or an unexpected accident requires a hospital stay, we need fast access to funds. One-hour payday loans are able to meet this need, something loans bank provided cannot do. We can get the cash we need almost [...]

Take Advantage Of Longer Repayment Periods Offered By Some Payday Loans

April 27, 2011

Consumers frequently see advertisements for payday loans that provide quick cash until the next paycheck. It is common for lenders to require this money to be repaid within one to 31 days, allowing the borrower to use the next paycheck to fulfill the obligation. But, what if that paycheck is not enough to cover the [...]

Weekend Payday Loans Provide Cash For Urgent Needs

April 26, 2011

Individuals who find themselves in urgent need of cash can take out no paperwork weekend payday loans. These eliminate the need to worry about how to pay unforeseen expenditures or bills when short on cash. The unique feature of this type of funding is that it can only be applied for during the weekend. No [...]

One Hour Loans Provide Cash Quickly

April 22, 2011

When loans are secured through a bank, individuals often must wait days or even weeks to hear whether their applications have been approved. The money lending process consumes quite a bit of time, something that many applicants do not have. An alternative is the one-hour type of payday loans provided to people who earn a [...]

Next Day Loans Provide A Timely Cash Advance

April 9, 2011

Waking up in the morning and being faced with an unexpected expense before the end of the day can be traumatic for some people. The car may break down or a child may become injured at school, requiring medical attention. If there is not enough money in the savings account to cover these costs, another [...]

Pounds Till Payday Provides Quick Cash

March 31, 2011

Residents of the UK are facing additional expenses due to the newly approved budget. Some of them were in a poor financial situation before this latest event. Payday loans are one way for them to consolidate debt and pay expenses. These provide cash needed over the short-term and are intended to be repaid by the [...]

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