This site contains details about our basic way of complaints about payday advances as well as other lending that is short-term. If youвЂ™re trying to find information especially pertaining to Covid-19, please glance at our page that is dedicated that information for customers about complaints in terms of Covid-19 .
What exactly are payday advances?
Pay day loans are a form of borrowing called “high-cost, short-term credit”. You borrow between ВЈ50 and ВЈ1000 and pay the loan back with interest, in a single re payment on or right after the next payday. This sort of borrowing is commonly more costly than several other forms of credit.
There are more 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 https://myinstallmentloans.net is comparable to a bank overdraft, borrowers and offered a ‘limit’ they can set up to as a once they need certainly to, provided they spend at the very least the attention off every month. As the credit agreement have not fixed end date, this kind of credit is high priced and designed for temporary only use.
Kinds of complaints we come across
We have complaints from consumers 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 re re payments had been due