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Control sought over nuisance calls offering payday loans. One in eight Britons is being bombarded with nuisance calls every day offering high-risk financial products like payday loans, a charity has warned. More than half (59%) of people surveyed for StepChange Debt Charity said they had received an unsolicited telephone call offering them high cost credit such as a payday loan, or the services of a fee-charging debt management company in the last 12 months. Meanwhile, 12% of people said they receive calls like this every day. Some 4% of people said they receive this type of call around once a day and another 8% said they receive more than one call a day. The survey was carried out among more than 2,000 people across Britain. StepChange also surveyed more than 1,100 of its clients and found they were much more likely than the general population to take out high-cost credit as a result of a cold call. Around 2.3% of the population generally who had received a cold call about high-cost credit ended up taking a product out.

Payday Loans Now! - Providing Affordable Payday Loans to the UK. Are Payday Loans Really All Bad? — Pacific Standard. Nevada state treasurer to hold public meeting on payday loans | KRNV. Unauthorised overdraft charges can cost consumers more than payday loans, according to research from an online current account specialist. Overdraft fees can cost as much as five times more than a pay-day loan according to figures from digital current account provider Ffrees. Borrowing £100 for a month on a short term loan can incur charges of as much as £20, but taking the same amount from an unauthorised overdraft could see consumers stung for £100, Ffrees found.

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Payday loans could face more restrictions - Story | LasVegasNow. If you want to take out a payday loan in Las Vegas, it's not hard to find a lender. The state treasurer's office says there are more payday loan businesses than there are McDonald's in Nevada. However, with that accessibility comes problems. There is no cap on interest rates for payday loans in Nevada. So if you don't pay it back quickly, you fall into a deep financial hole fast. It's been a problem in the Las Vegas valley since the recession and the state treasurer has had enough. "They have to sell parts of their bodies just to make extra money," said AJ Buhay, the field director for Progressive Leadership Alliance of Nevada (PLAN). At a meeting in Las Vegas, state Treasurer Dan Schwartz is hearing the stories of how people are getting caught in payday loan traps.

The average Nevadan ends up owing 526 percent of what they borrow leaving many in financial ruin. "If you went in and borrowed $100, you would be paying back $626" Schwartz said. "It compounds. What's the solution? A Payday-Loan Rival Gains Ground. For many Americans, payday loans simply prolong problems, not erase them. Payday loans are quick and easy to obtain. They also levy outrageous interest rates and payback terms. Here's how to avoid them. , Adobe Stock Enlarge photo» When they need cash quickly, millions of Americans willingly pay high interest — so steep, in fact, that they're often forced to take out a second loan to pay for the first.

And many keep doing it over and over. Payday loans are a decided two-headed monster. “Easy approval makes them seductive, but the chief problem is that this quick solution only serves to postpone their original problem, not erase it,” said Charles Green, managing director of the Small Business Finance Institute, a commercial lender training and publishing concern. No matter the fate of pending regulatory steps, it pays to avoid payday loans whenever possible. A flourishing 'business' It’s easy to understand the appeal of payday loans — they’re quick and easy to obtain and meet a need that many Americans struggle with.

The real kicker comes with loan terms.