Feb 02
Consumer rights campaigners are pushing for more stringent laws to govern the Payday loans industry in order to prevent the consumer being taken advantage of. The Finance and Leasing Association of which prominent Payday Lender Wonga is a member has updated its code of practice to prevent payday loans being rolled over more than three times.
However, the chief executive of the Consumer Finance Association which has many more Payday Lender members has suggested that limiting roll over?s on payday loans might not be beneficial for the consumer because once people are no longer able to borrow from payday lenders they could seek a more unofficial alternative.
Labour MP Stella Creasy who is campaigning for caps on Payday loans doesn?t believe that limiting roll over?s is going to make any significant difference and that people will simply pay off their loans before immediately taking our another.
While many agree that rules regarding the way in which payday loans should be more stringent, most companies do express that payday loans are designed for people needing fast cash.? These loans are expensive because the people borrowing are high risk due to poor credit ratings. It is against the law for anyone under the age of 18 to take out a payday loan and people should avoid borrowing if they cannot repay the loan at the allotted time.? Dan Macdonald chief of the Medway citizens advice bureau has stated that payday loans,
?should not be rolled over.?
Source: http://www.paydayloanspaydayloans.co.uk/news/?p=99
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