There are times when taking out a payday loan is not a good idea. Such times may occur if you need a substantial amount of money that would be easier to repay over a prolonged period of time or if you find yourself in a financial situation where your money regularly does not last until the end of the month.
The Competition and Markets Authority found during their market investigation into payday lending that most consumers taking out their first payday loan will return for further credit from a payday lender, and over 80% of loans made by payday lenders are to customers who have taken out a payday loan with them previously. The CMA said that customers’ demand for payday loans direct lenders is typically recurring.
Taking out a payday loan requires you to take a series of important factors into consideration. The following checklist should help you select the right loan for your situation and help you to keep out financial trouble. Do your Homework There are thousands of payday loan companies and brokers offering their services to UK consumers. Finding the right company to deal with your needs can be difficult.
While payday or short term loans online are designed to help you out of a tight financial spot, relying on them from month to month or week after week is far from being a good idea. Here is why.
Here at Uncle Buck we are seeing a greater proportion of complaints to us being about the affordability of lending, some complainants allege that we did not carry out proper checks prior to advancing the funds. It would be fair to say that there has been a definite spike following the publicity given to other lenders and redress offered by them to their customers.