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MSE News: Payday loans set to appear on comparison sites

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Payday lenders will be forced to provide details of their products on comparison websites, under proposals from the CMA
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Payday loans set to appear on comparison sites

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Payday loans set to appear on comparison sites

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There's no point comparing PDLs Vs Coutts (or whichever bank is your preferred choice)
People who use PDLs usually do so because all other forms of legal lending are not available to them!
Even if one PDL will lend money to such an individual, it doesn't mean any other PDL will.
Next step is to ask George down the Nags Head if he can sub them a few quid til giro day arrives ... for a price that he will never reveal.
These people often need money immediately, not in a few days/weeks time. They need it to put food on the table or buy gas/leccy to cook food they may have been given from say a food bank.
As for the article suggesting getting/using a credit card or bank overdraft instead, well at least that gave me a good laugh. :rotfl:
Not Buying it 2015!
No they don't.
Depending on the exact account, Halifax allow you to go at least £10 overdrawn and not suffer any fees or interest
If you have a reward account, this is increased to £50
So the APR is 0%
So the APR is a very big number I can't be bothered calculating.
As for putting payday loans on comparison sites? Jesus, why would the "authorities" provide another advertising window for these firms?
It could even benefit people looking to use a payday loan as intended (a few days interest on a £50 loan could be cheaper than an unauthorised overdraft for example).
But, I can't help thinking that it's going to be a waste of time if scores for payday lenders are going to be going out of business over the next year due to changes in regulation anyway? Plus, there are hundreds of lenders operating online which would never be accounted for anyway...
While thousands will argue that they use Payday lenders to simply "live" I bet there are more (a bit like I was) who just see it as another source of credit to waste needlessly... It's not like greasy Ed is going to suddenly start saying he needs to borrow £500 to feed his family rather than blow it on the machines down the bookies and it then be true is it? LOL
MB
Sealed Pot Challenge 7: # 257 2014 is my first year
Roadkill Rebels 2014: # 65 £34.83 PAD 2014 - £340.17
Fingers crossed eh! But I suspect they will find a way around any regulations put in place... Where there's money there's a way to get it
MB
Sealed Pot Challenge 7: # 257 2014 is my first year
Roadkill Rebels 2014: # 65 £34.83 PAD 2014 - £340.17