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PPI refunds: Discrepancy between payday loan beliefs revealed

With payday loan charges a significant topic of discussion at present, a survey conducted by YouGov on behalf of the Consumer Finance Association (CFA) has revealed there is a large discrepancy between the attitudes of the users of these financial products and politicians.

It found 89 per cent of these lenders' customers believe fees and expenses are explained properly to them when they make a payday loan claim, compared with 12 per cent of policymakers.

Furthermore, 93 per cent of customers feel the lenders of these products treat them with respect and dignity, compared with just five per cent of politicians.

The survey, which involved the polling of 300 members of parliament and 300 individuals who use payday lenders, also discovered the average annual income of a person who takes out one of these loans is £17,582.

People could be using these companies because it is more convenient than making credit card claims or finding money from other sources, the CFA claimed.

"In the last couple of years, payday loans have become a lot more mainstream," founder Jasmine Birtles recently said.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801349957-ADNFCR

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