People looking for debt relief 'don't always understand payday loans'

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People looking for debt relief 'don't always understand payday loans'

Many people turning to payday loans for debt relief do not understand exactly what they are agreeing to, experts have stated.

According to Confused.com, some do not understand issues such as what charges they face if they cannot meet repayments or their personal circumstances change.

As a result, it has called for increased transparency and better regulation of the payday loans market.

Sharon Flaherty, editor of Confused.com, said: "The issue with payday loans is not that they should be banned altogether, but that they should be reformed."

She backed recent calls from Consumer Focus for the introduction of an industry-wide code of practice.

Ms Flaherty added that Confused.com has already raised its concerns about payday loans and the way loan companies operate to the Office of Fair Trading.

This comes after Mark Lyonette of the Association of British Credit Unions warned that taking out a payday loan can be a "very expensive choice".

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