Payday loan providers could make the most of the huge upheaval triggered by the newest Universal Credit system as 61% of loans nevertheless come without the right checks to evaluate whether borrowers are able to afford to repay, says residents guidance.
The squeeze on residing criteria has triggered a boom in payday financing as individuals look to short-term loans to protect crisis expenses as well as in some situations pay money for everyday basics. Problems budgeting under Universal Credit might make this worse.
Proof from people guidance reveals reckless financing is intrinsic to your industry and despite promises 12 months ago by lenders that they can clean their act up, they will have did not enhance. Read more