Insurance for young drivers supplier Confused.com tells consumers to read small print

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Insurance for young drivers supplier Confused.com tells consumers to read small print

People who plan on signing up for a payday loan should be sure to read the small print before applying for such a product, Confused.com has noted.

Site editor at the firm Sharon Flaherty pointed out that an application for this form of funding can leave a mark on a person's credit report.

"For those that are considering a payday loan there are plenty of things to bear in mind, including exactly what the charges and process will be if you can't meet the repayment," she said.

Ms Flaherty explained that Confused.com has been calling for clarification regarding regulations relating to such products, but urged individuals to be a cautious about submitting an application.

She explained that a researcher at the company had recently tried to get details of the fees associated with a payday loan, only to be told this information would not be made available until after they had officially applied for the money.

The London Evening Standard recently revealed that payday loans accounted for £1.2 billion of borrowing last year.

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