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Do lenders contact my employer?

Many potential applicants for payday loans for bad credit are worried that when they apply, the lender will contact their employer. This is likely to be a cause of a bit of awkwardness. You can rest easy, payday loan potential applicants and borrowers alike because, your potential lender company will not contact your employer as part of the underwriting process. Payday lenders will only call your workplace to speak to you, not to speak to your boss. Once you make a loan application, your loan will be denied or put in “underwriting” and this is where the lender is trying to confirm […]

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How to get a loan refund

If you have ever taken out a payday loan, you may be due for compensation. The number of complaints surrounding the conduct of payday loans companies rose by 178% in 2017, as revealed by the Financial Ombudsman and now there is a demand in customers looking to claim from payday loans direct lenders, for legacy loans that were taken without sufficient checks before funding. Can you get a refund on a payday loan? How long would it take to get to me? How do I go about claiming? These are all frequently asked questions which need to be cleared up. This […]

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Common reasons why people use loans

Payday loans are typically used for emergencies or household expenses – with their short term nature, you use the money to pay off your emergency and then you can repay quickly once you receive your income from work. The attraction of payday loans is when you find yourself in a particular situation, you can gain access to money quickly at a relatively low-interest rate (dependant on your credit score). In this guide, we are going to be looking at some of the most common reasons why people chose to take out and/or reply on payday loans.   Bad Credit You […]

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How do loans affect your credit score?

A common question posed is whether simply taking out a payday loan can have an effect on your credit score, either positively or negatively. If you have worked hard to maintain a good credit score by building up your finances and paying off your credit card bill in full each monthly statement, it makes sense that you would want to protect your credit score. After all, having a poor credit score can seriously damage your chances of getting financial help in the future. This could include taking out a mortgage, buying a car with a loan or even getting an […]

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How many loans can you have at one time?

According to a rule of thumb, payday lenders should not be providing anyone with more than one payday loan at any given time. This would not only not be in the spirit of the industry, but it would also not be in the interests of the borrower. It goes against the very design of the payday loan, which is a short-term loan to boost finances rather than a deep financial need. If you cannot get enough cash for your needs in a single payday loan, then you should really be considering other kinds of credit to help you. However, there have […]

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What did the FCA change for the loans industry?

A lot has changed about the Payday Loans industry in recent years, despite the bad and unfair press. The reason why so many things have changed and various improvements have been made to the payday loans industry is because of the takeover of the Financial Conduct Authority (FCA). The FCA took over from the FSA in 2014. Before the takeover, the payday loans industry was under a considerable amount of scrutiny from not only the media but also debt charities and the government. It was the case that many borrowers found themselves in spiralling g debt with little way of […]

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How to Budget Well

Many people are under the impression that budgeting doesn’t not and cannot work well. That is because some people are simply not taking everything into consideration when drawing them up. Yes, you have thought out your monthly expenses as standard, but what about things like your daily coffee or a weekend away? A budget should be very unique to you and your incomings and out-goings. In this guide, we are going to look at blanket rules about how to best budget your monthly expenses to help you control your cash flow. Why should you budget? Let’s start at the very […]

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Are loans safe for everyone?

Payday loans can help people in a number of different circumstances, particularly if you are experiencing unexpected expenses as a result of an emergency, meaning you need to find cash quickly to help cover costs. However, there are unfortunately certain myths that surround payday loans which can end up putting people off getting one, even when it may help them in their situation. One of these myths that surrounds payday loans regards how safe they are. However, it is completely false that they are not safe. In this article, we will explain how. Payday loans are regulated by the FCA […]

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The small loans industry is worth £228 million in the UK

The payday loans industry is worth an estimated £220 million in the UK, down from around £2 billion quoted in 2013. The industry valuation is based on 760,000 loans funded in 2017 according to the BBC and an average loan value of £300, equalling to £228 million. This same calculation of valuing an industry based on the money lent out is used for other industries including guarantor loans (£400 million), equity release (£3 billion), peer to peer loans (£4 billion), bridging loans (£7 billion) and lending to family and friends (£21 billion) per year. The industry has downsized significantly over the […]

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New ways to make money from your home

In recent years, it has become increasingly common for homes to be viewed not just as an appreciating asset, but also a way to make money whilst still remaining in the property. Whilst sometimes all you need is the property to look stunning, or simply being in the right location, in other cases you may need additional guest rooms or outhouses in order to maximise income potential. Nevertheless, there are a number of new innovative ways that you can make money from your home, Payday Bad Credit takes a look at some of the most popular ways to make cash. […]

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