When UK consumer explore personal loans bank offered, they see Annual Percentage Rates (APRs) of about six to 14 percent, depending on the amount borrowed, loan term, and their credit status. When they shop for payday loans, they see rates in the hundreds or thousands of percent. Why is there such a difference? Are payday ...

A recent survey conducted by YouGov reveals that consumers and legislators have very different opinions regarding payday loans. The study was commissioned by the Consumer Finance Association (CFA) and is one of the largest research undertakings in the payday lending industry. Three hundred Councillors, Peers, and MPs and 300 payday lending customers were surveyed regarding ...

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 ...

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 ...

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 ...

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 ...

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 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 ...