Action last year by the FCA has done much to clean up the UK payday loan industry and cheapen payday loans themselves. This should raise the confidence of anyone thinking of using one of these loans in the future. But keep in mind that that lenders are now having to be much more strict about their lending policies. There are now fewer lenders and fewer loans being made. But if you do need emergency cash and can genuinely repay the loan by your next payday then one of these loans could be a more affordable alternative to going overdrawn.
Our guide to payday loans, summarised in this wordle (!), helps to explain the new world of payday loans. You can read the full guide here.
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Amanda Gillam is Solution Loans's General Manager and has been since 2009. She is also a prolific writer on personal finance issues, and has been quoted numerous times in articles published on 3rd party websites and in press releases. Her...Read more about Amanda Gillam