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By Laura Rodrigues, Senior Public Policy Advocate
Payday lending exploded into the wake of increasingly extended incomes and tighter limitations on main-stream credit after the economic crisis almost a ten years ago.
By 2013 we had been seeing really bad practice with payday advances, including extensive reckless financing, loans being вЂrolled-over’ multiple times, and debts spiralling out of hand. Whenever clients struggled to settle they frequently encountered debt that is egregious techniques.
Campaigning from us among others l ed to some necessary action. The FCA earned tougher laws on loan providers including restricting rollovers and use of constant re re payment authority, and title loans Oregon needing economic wellness warnings and signposting to free debt advice.
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