Payday loans: Debt advice groups call for urgent monitoring of market
Debt advice groups have raised
the alarm over Government supervision
of ‘legal loan sharks’ after it
emerged that official data on the
industry was two years out of date.
The rapid increase in the number of short-term – or payday – lenders offering instant cash at high interest rates has prompted the Government to instigate a review of the sector. However, a report from the Department for Business is not due until next summer.
Damon Gibbons, chief executive
at the Centre for Responsible Credit,
said it was ‘woeful’ that the latest
data on the payday loans market at
the Office of Fair Trading, the sector
watchdog, dates back to 2009.
He said America had taken greater
steps to monitor the use of payday
loans to prevent those less well off
from falling into debt, which had
prompted big American payday loan
firms to try their hand in Britain.
He said a database in Florida used to register loans had not stifled the market, but had helped to reduce defaults by debtors.
Financial Mail has been investigating
the payday loans market for
more than a year, amid concerns
that there are few constraints to
prevent vulnerable people from
relying on expensive credit.
Some firms have been accused by politicians of operating ‘on the very borders of legality’. The OFT will face questions from the Department for Business Innovation and Skills Select Committee on Tuesday relating to the growth in payday loans firms. The Money Advice Service as well as Consumer Minister Ed Davey will also appear.
The rapid rise in the number of hard-up Britons taking payday
loans has also worried debt
professionals.
Last week R3, the trade body for insolvency practitioners, warned of the rising tide of debt – saying that an estimated 3.5 million people were predicted to seek a payday loan in the next six months.
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Instant can act in a “payday loan” capacity, giving you the money that you need for a short time, until you can afford to pay it back. This is especially handy, for instance, if you need to split a check with a friend but don't have the cash on hand in
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Cash till payday loan can be a convenient option when emergency cash is needed and your payday is perhaps in another 15 days. Cash shortage at the end of the month is not unusual but it can be hard for those for whom certain credit options are closed. If the situation is compounded by a bad credit history or no credit, then it could be a problem. An unexpected situation might warrant extra funds that you do not have at hand. It could be a temporary solution to use cash till payday loan to fund the extra expenses.
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