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Pay day loans are a form of borrowing called “high-cost, short-term credit”. You borrow between ВЈ50 and ВЈ1000 and spend back once again the mortgage with interest, in a single re re re payment on or right after your following payday. This type of borrowing is often higher priced than various other kinds of credit.
There are various other kinds of short-term financing, including:
- instalment loans вЂ“ payments are spread monthly or weekly over several repayments, typically between three and a year
- вЂrunning creditвЂ™ or вЂflex creditвЂ™ вЂ“ the way in which this works is comparable to a bank overdraft, borrowers and offered 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 see
We have complaints from customers whom inform us that loan providers: