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Payday advances are a kind of borrowing referred to as « high-cost, short-term credit ». You borrow between ВЈ50 and ВЈ1000 and spend the loan back with interest, in a single payment on or right after your following payday. This sort of borrowing is commonly more costly than various other kinds of credit.
There are some other kinds of short-term lending, including:
- instalment loans вЂ“ repayments are spread regular or month-to-month over several repayments, typically between three and 12 months
- вЂrunning creditвЂ™ or вЂflex creditвЂ™ вЂ“ the way in which this works is comparable to a bank overdraft, borrowers and offered a ‘limit’ that they’ll draft to as an once they have to, provided they spend at the least the attention off every month. This type of credit is expensive and intended for short term use only while the credit agreement has not fixed end date.
Kinds of complaints we come across
We have complaints from customers whom inform us that loan providers:
- lent them cash without checking they can’t pay that they could afford it, and now they have a lot of extra interest and charges
- had been unreasonable or unjust whenever their financial predicament changed
- were not clear about whenever payments had been due