When are personal loans a good idea?

When are personal loans a good idea?

Personal loans are one of the most sought loans on the market for a number of reasons. They are lent out to people who can prove to the lender that they are very capable of repaying the loans. People who have bad credit often cannot get a personal loan without a struggle. In the majority of cases, lenders will require an applicant to have a salary or at least some form of stable income. The lender will also, like with any other type of loan, check your credit history. If yours is not in the best shape and you do […]

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Are Amigo Loans the new Wonga?

Amigo loans have recently expressed that they have essentially been financially benefitting from the collapse of Wonga after they were forced in administration, following a clampdown on payday lenders.  This has been stated by the chief executive of Amigo loans in the last month or so. Amigo lends up to £10,000 to those who have bad credit histories, provided that the payments can be guaranteed by friends or family. Essentially, they are guarantor loans. The business has claimed that now their pre-tax profits jumped to 66pc after an increase in customer numbers. Why did Wonga collapse? In late August 2018, […]

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How to make your Christmas budget go further

How to make your Christmas budget go further

Christmas is but a month away and you have likely already got a budget in place and/or have started making purchases for food and gifts. The last thing you want to see in January is a credit card bill which is going to knock you back due to the amount you have unknowingly spent, so it is best to have a budget in mind or even a separate savings account specially for Christmas. If you have already got a budget in place, great! But how can it go further? If you have not yet got a budget, do not worry […]

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Making the Most of Black Friday Deals

Making the Most of Black Friday Deals

Black Friday is looming and many of the deals have already started kicking off, the temptation to start buying things you didn’t even think you needed is very strong indeed. For many of us, Black Friday and Cyber Monday are both great opportunities to get all of our Christmas gifts sorted for our loved ones at a discounted rate. Meanwhile, other people will be buying that pair of shoes that they do not need just because there is 25% off them, but would never have bought them at full price. At Payday Bad Credit, we want you to be able […]

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What interest free loans are available?

What interest free loans are available?

Interest free loans may seem impossible. As you may probably be aware, the interest which is placed on a loan is how the lender will make their profit. However, there are actually interest free loans on the market and a new scheme which has recently been announced by Chancellor of the Exchequer Phillip Hammond, designed to get people out of debt. The interest free deals which circulate the market can help people get their finances back under control by reducing the amount of interest that you are paying on your debts to 0%. We are going to look at four […]

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Avoid using payday loans for Christmas

Avoid using payday loans for Christmas

There is no doubt that Christmas is an expensive time and it can very be tempting to overspend. In fact, statistics have shown that in the Christmas of 2017 that almost six in ten households made significant financial sacrifices in order to pay for Christmas gifts for their friends and family. It is not uncommon for people to overspend on their credit cards and not be able to pay back the full amount of the loan for months on end, for people to delay their obligations such as their utility bills or insurance payments and also many people choose to […]

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The Archbishop of Canterbury ‘Competes’ with Payday Lenders

The Archbishop of Canterbury ‘Competes’ with Payday Lenders

The news broke five years ago in 2013 that the Archbishop of Canterbury Justin Welby has vowed to go to war with payday lenders, especially Wonga which has now gone into administration. But now, just over 90 per cent of Anglican churches have publically disagreed with the Archbishop of Canterbury’s plan to compete with the payday lending industry. In 2013, the Archbishop of Canterbury warned the head of Wonga: “We’re trying to compete you out of existence”. He then went onto explain that the CofE would use its 16,000 churches to provide consumer-friendly credit unions with a foothold in each […]

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Payday Loans Compensation

Payday Loans Compensation

In the light of Wonga going into administration, lenders are being instructed by the Financial Conduct Authority (FCA) to offer compensation for any mis-sold payday loans. This is to happen even if the compensation payments would result in or threaten the company with bankruptcy. The FCA says that payday lenders have the obligation to contact their customers about the possibility of compensation if creditworthiness assessments were not compliant. Lenders should also inform the regulator if they are unable to meet their financial commitments due the cost of reimbursing their customers through compensation. As mentioned, this warning has surfaced after the […]

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Are payday loans the new PPI?

Are payday loans the new PPI?

As you may be aware, leading payday lender Wonga recently went into administration. This has been blamed on a steep increase in payday loans claims, which have caused much concern for many payday loan companies. As of now, CashEuroNet UK is the largest payday loans company in the country. It is an umbrella company which lends under brands such as Pounds to Pocket and Quick Quid. In the first half of this year, CashEuroNet UK reported that it was spending more money on compensation claims than it made in actual profit. This rather rapid rise in payday loan claims to […]

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Different Markets for Payday Loans

Different Markets for Payday Loans

It is common for payday loans to frequently hit the headlines all across the world. However, this is not always for the right reasons as payday loans are often demonised in the media. Their reputation is often unfair, especially since the introduction of the FCA as regulators – since then, there have been far stricter rules put in place to ensure fair lending is practised in the UK. But what about other countries? What are the rules like in those markets? In this guide, we are going to be looking at a brief history of payday lending as well as […]

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