Payday loan providers could profit from the huge upheaval triggered by the latest Universal Credit system as 61% of loans nevertheless come without the right checks to evaluate whether borrowers are able to repay, says residents guidance.
The squeeze on living criteria has triggered a growth in payday lending as individuals check out loans that are short-term protect crisis expenses as well as in some situations purchase everyday basics. Problems cost management under Universal Credit might make this worse.
Proof from people information reveals reckless financing is intrinsic into the industry and despite claims 12 months ago by loan providers that they’ll clean up their act, they will have did not improve. Continue reading “People Advice warns lenders that are payday prey on Universal Credit claimants”