Payday Loan Complaints On The Rise Despite New Rules

Payday Loan Complaints On The Rise Despite New Rules

Top UK broker says many borrowers are still getting a raw deal

June 22, 2017 ( datsyn.com) – News has broken in the UK that suggests payday loan complaints have continued to increase since the implementation of new rules. The latest set of regulations were designed to ensure unscrupulous lenders were pushed out of the marketplace. However, it doesn’t seem the adjustments have created the desired effect. The FCA flexed its muscles in the hope of providing more protection for the public. Still, it seems there is a long way to go before the worst brands disappear from the industry. Responsible broker Very Merry Loans says that can’t happen soon enough. The company has built an excellent reputation for finding the best deals for their clients.

Nearly two-thirds (59%) of payday loan complaints have been upheld by the ombudsman. The FOS figures, published in its annual review, show that the total number of payday loan complaints was nine times higher than two years ago. That is a rise from 3,216 complaints during the previous year. So, it’s no wonder borrowers are on the lookout for better deals.

Very Merry Loans can link people with providers of emergency funding at affordable rates. Some of the worst companies in the industry would charge close to 3000% APR. That is unacceptable, and something that has to stop as soon as possible. Payday loans have become a vital part of the UK economy during the last ten years. They offer a lifeline to vulnerable people who find themselves in the worst situations. That is why it’s critical that less than scrupulous loan sharks become regulated out of the marketplace.

Anyone who needs money fast can apply for assistance through the Very Merry Loans website. The process takes a matter of minutes, and borrowers can often receive funds the same day. For that reason, the solution is perfect for people in low-paid jobs and families on the breadline. Specialists from this brand say they never present anyone with a bad deal . There is an excellent “how it works” section on the site that explains everything in detail. These experts also do everything within their power to ensure people understand the terms of their contracts.

People who would like more information just need to visit the website today. The company is fully licensed by the FCA and complies with all laws and regulations. There is always someone around to answer questions and provide advice. Borrowers are advised to contact customer support using the available facility if they have any concerns. The team aims to reply to all correspondence as quickly as possible because they know time is often of the essence. After all, people wouldn’t apply for a payday loan if they could afford to wait.

Very Merry Loans is a broker people can trust. They always find the best available deals, and the process is fast and easy.

 

Source: PR