The Great Loans for Poor Credit Hoax

According to the adverts, some current financial options are the saviours for borrowers.

Though a string of expose’s on ‘dodgy’ practices and exceptionally high interest rates has seen many areas of the UK finance industry exposed for what they really are, a hoax and money making machine for unscrupulous lenders whose only goal is maximum return from those least able to pay.

In this article we look as some of the bad practices so you can avoid falling victim of payday lenders who do not have your best interests at heart.

1. The major lender ‘unfair and misleading’

Financial Conduct Authority LogoThe Financial Conduct Authority took the view that Wonga was guilty of using “unfair and misleading debt collection practices” when it was proven that the lender had created fake law firms by using the names of some of their employees.

The financial regulator ruled that Wonga must compensate approximately 45,000 customers who received the letters, which threatened to pursue legal action over outstanding debts.

For more on the FCA visit the official FCA Website.

Wonga to pay £2.6m compensation for fake debt firm letters

This ruling was imposed by the FCA after Wonga was found to have sent threatening letters to 45,000 customers from non-existent companies.

2. Which says payday lenders are “exploiting borrowers”

Which LogoAnother nail in the coffin of payday lenders’ reputations was hammered in by Which?

Their investigation resulted in the accusation that payday lenders in general “exploited” borrowers who defaulted on repayments by imposing over the top penalties which significantly increased the chances of the borrower finding themselves in a debt spiral.

Which? looked into the levels of the default fees charged by 17 lenders and found that Wonga, one of the highest profile payday lenders in the UK, charged the most with a £30 charge.

This fee was defended by Wonga who claimed the charge “reflected the extra cost of someone defaulting.”

Of the 17 lenders who were investigated, 10 imposed default fees of £20 or more, whilst 4 charged at least £25.

For more on this Which? investigation, please click on the following link –

Are Payday Lenders ‘Exploiting’ Borrowers?

Citizens Advice Bureau says “Payday Lenders are Out of Control”

The Citizens Advice Bureau made a recent claim that payday lenders ‘are out of control’, and seek to exploit the mentally ill, under-18s and even alcoholics.

  • Research carried out by Citizens Advice which urged Office of Fair Trading to ban rogue firms
  • Payday loan firms have been criticised for charging crippling interest rates of more than 4,000 per cent
  • Anthony Breeze killed himself after being pestered by texts from companies demanding money
Payday loan firms ‘are out of control’: They exploit the mentally ill, under-18s and even drunks, finds damning report by Citizens Advice

Do you know what your financial history really looks like?

We recommend checking your recent financial history so you can make the best decisions on which option to opt for.

We recommend Checkmyfile.com as the only multi-agency report in the UK (has ALL the information kept on you). Options:

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The good news is that not all of the currently financial options should should give you reason for worry.

Simply use our calculator to see how much you can afford and then fill in our easy to complete application form to submit a single application to the UK’s very best lenders.

This will save both time and effort whilst resulting in you receiving a variety of excellent options.

For more information, please click here.


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