The Russell Hamblin-Boone, Chief Executive of Consumer Finance Association, commenting on the research made by housing charity shelter said that –
“We would question that a survey of just 101 payday loan users is an accurate representation of the entire payday market and it is not the message we hear day in and day out from our customers. What is true is that with rising fuel costs, food prices, council tax and rent, household budgets are tighter than ever and there is very little slack to cover unexpected expenses. As a result, many people value the simplicity, transparency and flexibility of being able to borrow on a short-term basis to help manage their expenditure.”
“We would question that a survey of just 101 payday loan users is an accurate representation of the entire payday market and it is not the message we hear day in and day out from our customers. What is true is that with rising fuel costs, food prices, council tax and rent, household budgets are tighter than ever and there is very little slack to cover unexpected expenses. As a result, many people value the simplicity, transparency and flexibility of being able to borrow on a short-term basis to help manage their expenditure.”
He also added – “We would always stress on that payday loans is short term option only and should never be used to try to fix longer term debt .”
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| Payday Loans are always ready to provide a supportive roof. |
Payday loan: Introduction
Payday loans are short-term loan for intended to give you cash until you are pay back. It is an expensive way to help people over temporary financial problems, which may also lead you into serious financial trouble if you cannot pay back the loan. Payday loans also known as “Quick cash”, “Check loans”, “Instant Cash”.
Loans are nowadays available very easily and can be obtain with minimum documentation. The online savings account payday loans are such type of loans in your hand while browsing the internet. If you want to apply online payday loan, click here
Why Payday loan are beneficial for you?
There are various solid reasons that give answer to above question as:
- It is convenient. A payday loan is completely paperless process. There is no paper or phone calling required. You just click on the given link and get cash directly to your hand within few minutes.
- It is fast. Once you have fill out online application form, you will find immediate cash if you are satisfied terms and condition of the company. There is no waiting for long periods while the application is signed, read, and approved by several different people. Even you do not require filling checkbook.
- It is private. There is no involvement of family, friends or business partner. You are fully dependent on yourself to take decision. You do not have to share your secret information with anyone and the application information is secure. The entire process takes place on the internet from your computer in the privacy in your own home.
- You can apply online for payday loan within twenty-four hours a day, seven days a week. However, it may be not possible to get loans during business hour. When you apply and receive your cash advance online, they are here for your convenience. You can apply any time.
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| Easy Way to get Loan. |
How to make complaints regarding payday loans?
Various steps clear you how to make complaints when you are not getting your loan as:
- Step1: First, you have to contact your lender and try to sort out with them. In your complaint, list all the problems and complaints in which you think your lender has not followed Good Practice Charter.
The lender must acknowledge your complaint within 5 days of receiving it.If they decide to investigate the complaint further, they should tell you and keep you regularly updated.
- Step 2: Most of the payday lenders are member of trade association such as British Cheque and Credit Association (BCCA). There association directs to their member to follow Good Practice Charter and can take action against them if they do not follow.
You may also logged your complain with Financial Ombudsman Service (FOS). The FOS will look at your complaint and advise you how it can be sort out. If you do not get the result you want, the FOS will start a formal investigation. The final decision given at the end of this investigation is binding on your lender. However, if you do not agree with it, you can take your lender to court.
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| Easy to Compliant. |
- Step 3: if you are not happy with the decision made by Financial Ombudsman Services. You can take your payday lender to the court. However, you should only think about doing this as a last resort and you should get advice first from the Payday loan expert.
At last, in my opinion Payday loans services are always ready to help you either in need or in any trouble. No matters how you can find yourself in this critical situation, short-term option are available. Depending on your circumstances, no one knows when you will require little extra money whatever may be your reasons, a payday loan are advance, convenient, versatile and reliable method to get instant cash.
For more information related to payday loans click on http://www.my-paydayloans.co.uk/
These days, there are lots of online payday loan lenders and direct payday lenders that allow you to get some day payday loans instantly. The concept of payday loans is fairly straightforward: you borrow the amount of cash you need plus an additional fee, and you pay back that amount when your next paycheque arrives. If you can pay back the loan by your next payday and you don’t mind shelling out the extra fee, a payday loan won’t cause you much harm, provided that you don’t make it a habit of turning to these quick loans each time you’re short on cash.
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