Payday loans 'should not pay the rent'

Money News

www.moneynews.co.uk > Mortgages > Payday loans 'should not pay the rent'

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

Payday loans 'should not pay the rent'

Individuals across the UK have been advised that payday loans are not a long-term form of borrowing and there are a number of uses for which they are completely unsuitable, such as for paying a mortgage or the monthly rent.

Dominik Lipnicki, director of Your Mortgage Decisions, said unless people have a whiter than white credit rating, securing borrowings can be difficult, but they should not be tempted to supplement their income on a long-term basis using this form of loan.

He commented: "These loans are not designed to meet your mortgage and rent payments and should only be considered if the borrower is 100 per cent sure that the debt will be fully repaid by the agreed due date."

According to Stuart Carmichael, director of the Debt Support Trust, individuals who are using this form of borrowing to live are in a very treacherous position, as the high interest rates can quickly spiral and push people into serious debt.

Click here for more mortgages newsADNFCR-323-ID-801256079-ADNFCR

Related News : Mortgages

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet