The cash Shop is certainly one of about 200 UK payday lenders, but ended up being the only person used in the customer Finance Association study. Photograph: David Sillitoe for the Guardian
No matter if you should be charged hundreds вЂ“ if not thousands вЂ“ of percent in interest for a quick payday loan, supplied you’re treated with dignity and respect, relating to a study by the customer Finance Association.
The CFA, a trade relationship which include a few payday lenders among its people, claims that “one associated with the biggest ever bits of research in to the loan that is payday, carried out by worldwide research agency YouGov, has revealed an enormous gulf in attitudes between pay day loan clients and politicians”, and suggests that pay day loans may be “misunderstood”.
The survey discovered that 93% of pay day loan business clients think payday loan providers treat these with respect and dignity, whereas just 5% of policymakers think they are doing therefore. And 89% of clients think payday lenders explain their fees and charges obviously, whereas just 12% of policymakers think they do. Read more…