Payday loans 'should be a last resort'
www.moneynews.co.uk > Loans > Payday loans 'should be a last resort'
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Money News |
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Payday loans 'should be a last resort'
Wed 28th Sep 2011
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Martin Bamford, chartered financial planner at Informed Choice, said it makes sense to exhaust every other avenue for securing short-term financial aid before resorting to these lenders, as the charges they place on their borrowings are "ridiculous".
He commented: "Payday loans should always be a very last resort simply because they are a hideously expensive way of raising money over the short term."
Mr Bamford added that once these types of loan become a regular occurrence, people can quickly see themselves sliding deeper and deeper into debt.
According to a recent investigation carried out by Which? Money, widespread poor practice in the payday loans market has been uncovered, including potential breaches of the Consumer Credit Act, poor privacy provisions and inflated APRs.
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