Adverts for payday loans in particular were criticised in the Credit Action report. Their chairman Malcolm Hurlston said: “Many of the ads for payday loans are from small US-owned firms branching out to a new market… There are also illegal ads from a number of big name companies active in the UK for a number of years…”
So have things changed one year on? Well, Credit Action has said: “Mission accomplished,” which is great news for consumers. However payday and logbook loans are still with us, so it's essential that potential borrowers understand the nature of such loans before signing any legal agreement.
What are Payday Loans?
Many will recognise the scenario of running out of money just a short time before their next salary is due forcing them to apply for a payday advance. An Internet search for companies advertising payday loans reveals thousands of results. So what's on offer?
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