Property News · November 12, 2016

25 texts and emails a day: how payday loan firms hound vulnerable borrowers


Despite tougher regulation, the industry continues to act irresponsibly by lending to people in financial difficulty. We spoke to one targetAlex Jones* has to switch his phone off at work so the constant text messages do not distract him. He gets around 20-25 a day from payday lenders and brokers offering high-cost loans of up to £1,000 a time.“Need cash? We have reviewed your application …” a typical text reads. “A loan of up to £900 is ready to complete,” says another. “We’ve received your loan inquiry. Are you able to take our call? Reply YES …”. Continue reading…

Source : theguardian.com
Read more…25 texts and emails a day: how payday loan firms hound vulnerable borrowers