OFT Review Into High Cost Credit
Leading Payday Loans Broker Paydaybank.co.uk Comments One of the UK’s leading payday loans brokers, Paydaybank.co.uk, comments on the Office of Fair Trading’s (OFT) review of high cost credit. Ohad Hessel, marketing manager at payday loans company Payday Bank says; “We value the OFT’s decision not to implement price controls on payday loans. For those refused credit we are often the only source of lending for those in need of emergency financial help. We offer clear lending criteria and when you take out a loan with us you know exactly what you will have to pay back – APR, as anyone in the industry knows, is the wrong metric to judge payday loans by as the average Payday loan customer borrows money for just a few days.” “The OFT report confirmed that payday loans serve borrowers not catered for by mainstream suppliers, and highlighted the fact that complaint levels are low, something backed up by independent research showing that 95%* of all payday loan customers are happy with the level of customer service provided by payday loan providers. “Payday loans are a matter of consumer choice, and as complaints remain minimal, we do not see any need for regulation, after all, there are no calls for regulation of car insurance companies who inflict high premiums on driver’s under-25 because they are a greater risk to insure, which is the equivalent of what lending to higher credit risk individuals equates to in the loans industry – the risk of default is higher.” “All of the payday loan providers that we work with as part of our brokerage system operate to the OFT’s consumer credit code of practise, just like any other High street bank, so if you use our website www.paydaybank.co.uk to find a payday loan you know you are going to be treated fairly.” As a payday loans broker Paydaybank.co.uk are able to offer loans from several lenders – all of whom meet strict credit lending criteria – allowing them to provide payday loans solution to more customers than any individual lender and our acceptance rate is among the highest in the industry. Notes: For more information contact Dale Lovell at Search News Media on 0779 1414 681 / 01753 859 588 or email: dlovell@searchnewsmedia.co.uk About Paydaybank.co.uk: PaydayBank was established in 2005 with the aim to help as many customers as possible with their short term cash needs. Applicants must be UK residents and over 18 years old and in employment. *Independent research from Auriemma Consulting Group in April 2009 found a 96% satisfaction rate among 1,000 payday loans customers. Link to OFT Report: http://news.bbc.co.uk/1/hi/business/10316235.stm
Tags: