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16/03/2012
"Payday" Lender Practices Criticised
A number of so called 'payday' lenders in Northern Ireland have come under fire and face investigation for unfair practices.
Visits by Trading Standards have uncovered that a number of lenders do not adequately explain the consequences of failing to repay a loan on time.
Indeed lenders were unable to tell borrowers the rate of interest they will be paying and in every case the payday lender was unable to quote the Annual Percentage Rate (APR).
The Trading Standards Agency have held a month long survey regarding 29 lenders in Northern Ireland and following the results also revealed that many of the companies were not following legislation which has been put in place to prevent vulnerable customers becoming more in debt.
The Office of Fair Trading and Trading Standards said: "It would appear many lenders are giving out loans , more or less immediately, without checking adequately that the borrower can afford them.
"That is why we are keen to enforce the law which requires lenders to carry out adequate credit checks."
The watchdog has decribed the findings as "totally unacceptable" and said in some cases investigations and action would be taken.
(LB)
Visits by Trading Standards have uncovered that a number of lenders do not adequately explain the consequences of failing to repay a loan on time.
Indeed lenders were unable to tell borrowers the rate of interest they will be paying and in every case the payday lender was unable to quote the Annual Percentage Rate (APR).
The Trading Standards Agency have held a month long survey regarding 29 lenders in Northern Ireland and following the results also revealed that many of the companies were not following legislation which has been put in place to prevent vulnerable customers becoming more in debt.
The Office of Fair Trading and Trading Standards said: "It would appear many lenders are giving out loans , more or less immediately, without checking adequately that the borrower can afford them.
"That is why we are keen to enforce the law which requires lenders to carry out adequate credit checks."
The watchdog has decribed the findings as "totally unacceptable" and said in some cases investigations and action would be taken.
(LB)
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Northern Ireland WeatherThis Evening and Tonight:Rain clearing away east by early evening with some clear spells but a few showers likely to affect the North coast and other areas towards dawn, remaining breezy and mild overnight. Minimum temperature 9 °C.
