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A payday loan is a short-term, high-cost loan that you must pay back on or before your next payday. It does not matter whether your income is from employment or government benefits.
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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.
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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.
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Payday Loans no credit check are short term loans, and are also known as check loans or cash advances, these loans are usually for 500 pounds or less. They carry fees of about 10 pounds to 20 pounds per 100 pounds that is borrowed, according to the Consumer Financial Protection Bureau.