Newspaper article Manchester Evening News

Survey Says Number in NW Likely to Take out Payday Loan Has Doubled

Newspaper article Manchester Evening News

Survey Says Number in NW Likely to Take out Payday Loan Has Doubled

Article excerpt

THE number of people in the north west who are likely to take out a payday loan has doubled in recent months as debt worries mount, new figures show.

A survey by insolvency trade body R3 found 12 per cent of respondents were likely to borrow from payday lenders in the next six months, compared with just six per cent of those quizzed in May. 1

The report said 59 per cent of people are concerned about their debts, up from 50 per cent six months ago. One in 10 is paying off the interest only on their credit cards.

From today, the vast majority of payday lenders must abide by improved customer codes.

The measures, which have been agreed to by four trade associations, representing more than 90 per cent of the shortterm lending sector, include getting loan applicants to undergo affordability assessments and credit vetting to make sure they can pay them back. Lenders have agreed to give clear information about how a payday loan works and an example of the price for each Pounds 100 borrowed, including fees and charges. …

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