The industry continues to act irresponsibly by lending to people in financial difficulty despite tougher regulation. We talked to 1 target
Neither of whom asked him to disclose previous money problems despite having an IVA, one borrower found he was able to take out new payday loans Louisiana loans from two lenders. Photograph: Suzanne Plunkett/Reuters
Despite having an IVA, one debtor discovered he had been in a position to sign up for brand new loans from two loan providers, neither of who asked him to reveal past cash dilemmas. Photograph: Suzanne Plunkett/Reuters
A lex Jones* has got to switch their phone down at the job therefore the constant texts try not to distract him. He gets around 20-25 a from payday lenders and brokers offering high-cost loans of up to ВЈ1,000 a time day.
вЂњNeed money? We’ve reviewed your application вЂ¦вЂќ a text that is typical. вЂњA loan of as much as ВЈ900 is preparing to finish,вЂќ claims another. вЂњWe’ve gotten your loan inquiry. Can you just just take our call? Answer YES вЂ¦вЂќ.
Their e-mail inbox is simply as complete, with spam communications from brokers and loan providers showing up normally as every 5 minutes at some points in the day. [Read more…]