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Should Brits be protected from payday loan claims?

Consumers could be protected from high loan charges if the government effectively regulated payday lenders.

Director of Women in Debt and representative Georgina Earle noted that while many consumers "abuse lending", creditors can also be "unscrupulous" in the loan claims they approve.

Payday loan companies make extra money when their clients fall behind on their repayments, she noted.

Recent alterations were made to payday lenders' codes of practices in order to protect vulnerable members of the public and improve the transparency of the market.

Ms Earle argued that the government ought to control advertising in the sector and introduces regulation into the industry.

She pointed out there has been a "big rise" in the number of people who have taken out a payday loan and are now facing bankruptcy.

"If you can't afford what you need to pay out each month now, then don't borrow any more," the expert advised.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt. ADNFCR-2776-ID-801451648-ADNFCR

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