Here’s Another Reason Why You Should Avoid ‘Payday Loans’

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Here’s Another Reason Why You Should Avoid ‘Payday Loans’

Credit brokers are preying on cash strapped borrowers by posing as lenders and charging an unexpected fee then to organise the loans. The debt advice charity says consumers are being charged set-up costs of £70 on top of the expense of taking out a payday loan, these companies are taking money from people’s account without clear permission from the card holder.

Citizens Advice warns that borrowers using a broker often believe they are dealing directly with a payday loan company, because brokers don’t make the difference clear. Borrowers are then hit with an unexpected fee for arranging the loan.

The charity analysed 490 complaints about credit brokers from June and July 2013.

People are getting charged money on top of their payday loan, one in five of these people have had their details passed onto brokers without their permission.

These fees are refundable if a loan is not taken out – but Citizens Advice found that out of 228 such cases, 28% were refused, 14% were promised a refund which never appeared and 42% struggled to even get in touch with the broker.

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