Can’t get credit from your local high street bank? Not uncommon these days unless you are home owner with significant equity. Got historic credit problems, a poor credit score or possibly no credit score? Applied for a number of loans that have been unsuccessful?
Then rather than use a Paydayloan at extortionate interest rates and often with massive fees and penalties why not consider a Guarantor loan. The best ones such as LendFair or Amigo charge realistic interest rates, have NO fees and can even work to improve your credit rating. Compare a LendFair guarantor loan with a representative APR of 48% to a Wonga Paydayloan of 5,853% (wonga website 23/01/2014).
Bank of Dave owner, Dave Fishwick has yet again made it to the small screen as a champion of Payday borrowers offering a limited, local and lower cost alternative to payday loans. Relying on the “personal” factor to ensure minimum bad debts and reduced payment management when compared to mainstream payday lenders; good luck with that one Dave! Allocating £25,000 to the task will see Bank of Dave potentially make about 70 loans (or less); hopefully C4 will profile the results in a follow up programme. Good business or good telly? Either way it is good publicity for Dave.
Stella Creasy, now just 37 (MP for Walthamstow) and whose name regularly crops up in the UK and International press is being tipped, more than once – though usually, but not exclusively, by women journalists – as a future Labour leader and therefore a potential future prime minister. Other accolades that have come her way include The Spectator magazine’s 2011 Campaigner of the Year. In August 2012, the right-wing Taxpayers’ Alliance named her its “Pin Up of the Month” – a compliment directed not at her gender but at her stated views on economics.
Having campaigned against the “unfairness” of Payday loans for some time, she took on Wonga in 2012 and won not just an apology, but free advertising for her chosen cause after Wonga admitted a Wonga employee had attacked her on Twitter.
Find out more about Stella at www.workingforwalthamstow.org.uk
On 1 April 2014 the FCA takes over from the Office of Fair Trading (OFT) to become the regulator for the consumer credit industry – this includes hire purchase, credit card issuers, payday loan companies, pawnbrokers, debt management and collection firms and providers of debt advice.
The FCA already have a Handbook of rules and guidance that other financial services firms have to follow and comply with, and they are now preparing to bring consumer credit firms into that same regulatory system. The FCA are currently consulting on exactly how to do this and how it will affect firms and consumers.