This site contains information on our basic method of complaints about pay day loans along with other short-term financing. If you’re selecting information especially with regards to Covid-19, please view our page that is dedicated that information for customers about complaints in terms of Covid-19 .
Exactly what are pay day loans?
Pay day loans are a form of borrowing referred to as «high-cost, short-term credit». You borrow between ВЈ50 and ВЈ1000 and spend the loan back with interest, in a single re re payment on or right after the next payday. This type of borrowing is often more costly than various other kinds of credit.
There are some other kinds of short-term financing, including:
- instalment loans – repayments are spread weekly or month-to-month over several repayments, typically between three and a year
- вЂrunning credit’ or вЂflex credit’ – the way in which this works is comparable to a bank overdraft, borrowers and provided a ‘limit’ they need to, provided they pay at least the interest off each month that they can draw up to as an when. This type of credit is expensive and intended for short term use only while the credit agreement has not fixed end date.
Forms of complaints we come across
We have complaints from consumers who inform us that loan providers:
- lent them cash without checking that they can’t pay that they could afford it, and now they have a lot of extra interest and charges
- had been unreasonable or unjust whenever their situation that is financial hop over to this site changed
- just weren’t clear about whenever re re payments had been due
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