If you have had payday loans and are in serious trouble, or just can’t pay them back, do not worry. There are a few tricks you can do to get out of paying them and there area lot of companies about now that were set up for the sole purpose of fighting them on your behalf. Lets face it, the tactics they have used over the years have been dodgy to say the least, so its time they got a dose of their own medicine!
There has been some criticism of these loans in the UK recently. Vince Cable MP said “The growing popularity of these loans highlights the problems stemming from the credit crunch and unsustainable levels of personal debt in the UK. An alarming rise in the popularity of ‘payday loans’ has seen the numbers resorting to high-cost credit quadruple in four years.
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If you are in debt, adding interest to a repayment plan, or maybe a lot of other payday loan companies, then you need to stop all the charges, interest now. If a get out of debt button is all your after, then there is a company that I have thoroughly vetted that can do this for you by the end of the day. They contact them on your behalf and stop everything, informing you by email all the way. They hate Payday loan companies as much as me, any way, check them out if you need this resolved by the end of the day here
Controversial payday loans that charge astronomical interest rates of 2,000% or more over short periods to desperate borrowers have become hugely popular since their emergence in 2006, according to a report by a consumer watchdog. Paydayuk.co.uk, for instance, charges borrowers £50 for a loan of £200, which for short-term borrowing is an APR of more than 22,600%.
- Around 1.2m recession-hit Britons used expensive short-term credit facilities in 2009
- It means 2% of the population now regularly uses the loans – a fourfold increase on the numbers borrowing in 2006.
- Altogether, around £1.2bn was borrowed last year. But individual loans tallied 4.1m, suggesting a large number of serial users.
- Over the last four years, the growth of the online market has seen the average charge on a £100 payday loan rising from 15% to 20% – or £20 for every £100 borrowed.
- An average £300 payday loan would cost £360 if it was repaid after one month.
- But the danger comes if that loan had to be deferred or ‘rolled over’. After six months, the same loan could cost as much as £660 to repay in full.
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Consumer Focus believes that ordinary High Street banks should start offering affordable short-term loans as alternatives.
The report said: ‘Our research has shown that low income consumers choose payday lending in preference to more mainstream options, because of the problems they encounter when using traditional products such as overdrafts and credit cards’.