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Payday loans are loans which are offered to the UK Public to meet out their financial problems. Payday loans bridge the gap between one earning and the other earning.Payday loans can be applied for and got for by logging online and applying for a payday loan.
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Payday loans are offered for borrowers for a short time in small amounts. The money is provided at once and repaid over a set period of time often just a few weeks until ‘payday’. Funds are transferred directly to the personal accounts of borrowers within minutes of approval. Borrowers implement its services for emergency needs since it eliminates the need for long term loan commitments.
How costs can go mad with a payday loan Borrowing money is easy. Paying it back it a little more difficult. Lets look at how the cost of a payday loan can get out of control.
Payday firm, CFO Lending (£34 million), Ariste Holding Limited (£20 million) and Dollar Financial UK (£15 million) made a deal to pay over about £65 million in redress to its customers. They made an agreement with the Financial Conduct Authority (FCA) to provide compensation to their borrowers for unfair practices.