This is a section of the site where we try to keep all our industry news articles. If you want to know about the latest industry developments in the Payday Loan sector this is the place. I know some of this might seem a little boring, as such just to put a smile on your face (you can’t say we aren’t good to you!) we have an entire section of our site dedicated to fun stuff, go and check it out.
I stumbled across this piece of news the other day and I thought that I'd share it with you... A Northampton Town football supporter is spearheading a boycott of football clubs who are accepting cash advertising revenues from payday loans lenders. The Cobbler's fans are objecting to advertising banners for these types of loans on the football club's website.
I read an interesting snippet of information the other day that stated that a little fewer than 70% of people in the UK will experience financial difficulties in one form or another. When you put that into perspective that's around 42 million of us.
In the news recently is a company called Mobyloan.com. They have been in hot water for breaching the Advertising Standards Agency's (ASA's) standards of conduct. They had misleading material on their website in the form of testimonials which the company were not able to confirm were genuine.
Many people across the UK are looking to make savings during this time of recession by turning off their heating in the winter months and shopping at cheaper stores.
Funnily enough, some mortgage companies simply won't lend to anyone who is currently, or has previously taken out a payday loan. This is even if they have managed to pay it back on time with little or no problems. In addition to this, GE Money a sub-prime lender will also automatically reject those people who have taken out two or more loans within the course of one year.
A new code of practice has recently been launched by the Consumer Finance Association (CFA). It aims to protect consumers from having to pay extremely high fees including hidden charges. These are charges that in the past, companies such as Wonga, Quick Quid and Payday Ninja's have been less than forthcoming about. The issue is that whilst the crackdown on mainstream lending means that individuals are flocking to payday loan companies for loans, they are then subjected to high levels of APR which can in some cases equate to over 4000%.
There is no getting away from it, adverts about PPI claims or payday loans are everywhere these days. Open a newspaper or turn on the television and you are more likely to get hit with a glut of them. Just recently however there are some newer companies on the market to be aware of. These are companies that advertise extended 12 month loans. These loans are generally unsecured and can have APR's of up to 278%. In essence you are looking at paying back far more than double what you've borrowed. This excludes admin costs and late payment fees (if applicable). Loan company Pound to Pocket for example charge a £12 penalty fee.
What happens if you match small businesses (who are in need of a cash injection to either invest or to keep their heads above water) with the growing army of hard-pressed savers who are demanding better ROI? The answer is peer to business lending. Tory Entrepreneur Ivan Massow has recently launched Massow's Angels and similarly, like the already established fundingcircle.com aims to provide better rates for borrowers and individual lenders. Peer to business lending companies do this by cutting out the middle man, ie the financial institution and passing this saving onto the consumer.
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