Loan providers supplied short-term loans without running right through affordability assessments.

Loan providers supplied short-term loans without running right through affordability assessments.

They charged high amounts of interest and exorbitant payment that is late.

Numerous considered unscrupulous types of business collection agencies whenever clients couldn’t pay their loans back.

From 2008-2012, the industry expanded quickly. Customers looked at payday advances as a quick and credit that is easy, but usually dropped into trouble with regards to ended up being time for you to repay their debts.

According to the Competition & Markets Authority, 1.8 million people had loans that are payday 2012. Continue reading “Loan providers supplied short-term loans without running right through affordability assessments.”