Payday Loan firms closing

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Payday Loan firms closing

An investigation by the Office of Fair Trading has led to four payday loan firms closing down, in addition to this 3 payday loan firms have had their licences revoked with another three surrendering their licences. The investigation into these payday loan firms is to clamp down on those using unethical methods in terms of their lending, who they lend to and how they then treat borrowers. This comes after an increase in complaints to the Financial Ombudsman.

The main concern with these payday loan firms is that they are lending to borrowers that are not in the position to repay the loan, therefore will be forced into roll over loans, which basically means the loan is carried over to the next month with hefty interest amounts attached, thus increasing the borrowers loan amount dramatically – this amount only serves to increase the payday loan firms profits and can cause debt problems for the borrower.

This investigation will serve to weed out payday loan firms that are unfairly treating their borrowers. Those that cannot afford to repay a loan should not be approved for a loan in the first place. If a person finds that they are in desperate need for loans with no means to pay them back, need to step back and look at their finances and a long term debt solution to get them back on track, not take out loans from unethical payday loan firms as this will only worsen a debt problem.

Likewise if you can afford to repay a loan, the payday loan firms that are still in existence can provide you with a loan until pay day.

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