Beware of payday lenders

Beware of payday lenders

Payday lenders do not enquire of a potential borrowers credit rating, nor do they investigate their ability to repay.

Payday lenders tell us this is in the clients favour as this audience have no access to traditional lending platforms. However this money is lent at prohibitive rates of interest. These loans can become an appalling long term trap.

If you fail to be able to repay a payday loan on time, you may be tempted to take out another to repay the first. Within a very short space of time, these debts can spiral out of control.

A typical pay day loan Provider advertising on Google today is lending money at a staggering rate of interest of 1291%.

Another, offers 2,500 pounds for 14 months at a rate of 238% APR.

This must be the lender of last resort.

Before approaching a Pay day lender call us at UK Homeowner loans.. From us you will receive professional and sympathetic advice with a view to consolidating your debt  in a best case solution for your borrowing need.

Written by: Christopher Davy