Find out what takes place to payday loans in bankruptcy, and some specific issues concerning these cash advances. In a study conducted by the ACCA in 2012, over twelve million short term money advances, or ‘payday’ loans, have been arranged in the UK. A total of £3.7bn worth of credit was extended in this way and UK borrowers paid over £900m in interest and charges.
Wonga also offer a clear explanation of what will take place if issues go wrong they will charge a late payment fee of £20.00, but as opposed to most banks they will only charge this when, despite the fact that interest will be applied to your account for up to sixty days.
Nice suggestions Brie… as far as payday loans are concerned, I don’t necessarily think that all of them are scams, but I do feel that they should be employed sparingly (if at all) due to the fact the interest charged is greater than conventional loans.
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