A payday loan usually provides the borrower with a small amount of money at an incredibly high personal loan kotak mahindra bank rate, with a view to the loan being repaid when the borrower receives their wages. They're marketed as a way of tiding yourself over until payday and personal loan kotak mahindra bank seem like a good idea if you're low on money between wage packets, but there are some serious warning signs and caveats. Payday loan regulation.
Payday loans have been regulated by the Financial Conduct Authority (FCA) since April 2014, but after a year of this regulation a review of 60 of the lenders operating within the sector found that too many of them were failing to treat customers in arrears fairly. "Our rules are designed to ensure loans are affordable; that customers who get into difficulty are treated fairly and that they are not pressurised into unaffordable and unsustainable repayment plans," said Tracey McDermott of the FCA.
"The real test for these lenders will be FCA authorisation where they will have to demonstrate exactly how much progress they have made if they want to remain in the market. " Why do people take out payday loans. With interest rates as high as they are, you might wonder why someone would ever consider a payday loan. There are a few things that make them seem attractive, particularly to those in financial difficulty.
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