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Customer charter 'should make payday loan charges clearer'

People who make payday loan claims will have their standards of service improved, following the unveiling of a new set of commitments from four trade associations.

These organisations represent more than 90 per cent of the total short-term finance market and will ensure people are told clear information about the loan charges involved in the credit option and how the funding model works.

Furthermore, companies have committed that they will not pressurise people into rolling over an existing credit agreement or taking out a loan, while credit vetting and affordability assessments will be implemented to ensure consumers can afford to use payday lenders.

Loan charges and interest will be frozen when clients enter financial difficulty and set up repayment plans or when people do not pay off the loan claim within a maximum of 60 days.

"Payday loans should only ever be used as a short-term financial stop-gap, not as a long-term solution to financial difficulties," business minister Norman Lamb said.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801414759-ADNFCR



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