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Warning! One payday loan rockets to £20,000

Monday, 18th November 2013

119-debt-headinhandsBrent Citizens Advice Bureau are issuing a payday loans warning after learning of a resident whose debt snowballed to £20,000 after borrowing just a few hundred pounds back in 2009.

Figures from the CAB’s national payday loan tracker show seven out of 10 borrowers were unable to pay back their loan. The survey also claims 65 per cent of lenders failed to make financial checks.

The statistics were retrieved from an analysis of the first four months of national findings based on feedback from customers who took out 1,270 payday loan from more than 87 different payday lenders between 26 November and 31 March.

During the same time period more than 11,000 people sought online help from CAB about payday loans.

According to the CAB there has been a ten-fold increase in payday loans in the last four years. See Brent & Kilburn Times

The survey will run until the end of the month. Take part in the CAB Payday Loan Survey.

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