These pages contains information regarding our basic way of complaints about payday advances along with other lending that is short-term. If youвЂ™re trying to find information particularly with regards to Covid-19, please glance at our page that is dedicated that information for customers about complaints pertaining to Covid-19 .
What exactly are payday advances?
Payday advances 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 payment on or right after your following payday. This sort 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“ repayments are spread regular or month-to-month over several repayments, typically between three and 12 months
- вЂrunning creditвЂ™ or вЂflex creditвЂ™ вЂ“ the way in which this works is comparable to a bank overdraft, borrowers and offered a ‘limit’ they can draft to as an if they need certainly to, provided they pay at the very least the attention off every month. Although the credit contract have not fixed end date, this kind of credit is high priced and designed for short-term use only.