About Our Quick & Instant Payday Loan.pptx - PowerPoint PPT Presentation

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About Our Quick & Instant Payday Loan.pptx

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Title: About Our Quick & Instant Payday Loan.pptx


1
About Our Quick Instant Payday Loan
2
number of complaints
  • Not only this but also a huge number of
    complaints were received where the customers did
    not get a loan and still their bank accounts were
    charged with heavy fees.

3
charged interest
  •  Historically many lenders, like the famed Wonga,
    charged interest rates exceeding 5,000 APR on
    these instant payday loan. At no point in our
    countrys history such heavy interest rates were
    seen.

4
Interest rate
  • The interest rates charged on payday loans cannot
    exceed 0.8 per day. This brings down the overall
    APR and limits the ability of payday lenders to
    overcharge their borrowers.

5
Total repayment
  • Many borrowers who could not pay the loans on the
    requisite date ended up ratcheting up huge
    default charges which would take the repayable
    amount to astronomical size. 

6
prospective customers
  • When the payday loans were available in the mass
    market their strongest point touted to
    prospective customers was their ease of
    processing and repayment.

7
The biggest setback
  • The biggest setback from these regulations would
    be to quick payday loans. Such a regulation was
    inevitable given the huge number of people
    affected by payday loans and the increasing
    pressure on the government to rein this sector of
    the financial markets.

8
regulations regarding
  • On 2nd January, 2015 new regulations regarding
    the payday industry came into effect. They have
    put a ceiling on the interest, default charges
    and maximum repayable amount for payday loans.

9
thousands of pounds
  • This led to some borrowers getting burdened with
    thousands of pounds of debt when they had
    borrowed 100 or 200. Many influential sections
    of society came out in open opposition to the
    payday lending.

10
securing the finance
  • However within the payday industry the borrowers
    overlooked this factor as the initial principal
    loan was small and the primary driving factor was
    securing the finance.

11
cannot work with lower margins
  • This is true for almost all the remaining quick
    loans. Many have even closed their shops knowing
    that they cannot work with lower margins.

12
True Blue Loans
  • There are several firms in the market, like True
    Blue Loans, which not only give the borrowers
    adequate advice but provide them with the option
    to repay in 3 to 6 months.

13
the taxpayers money
  • It also ensured that this problem was tackled
    head on before it became too big and lead to any
    loss of the taxpayers money. The heydays of
    payday lending are definitely past us and we
    should see a new beginning of prudent and
    responsible lending from short term lending
    businesses.

14
  • Thanks for watching
  • More Information-
  • http//www.4quickloans.co.uk/
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