You would hope that most people would be aware of the problems and issues caused by payday loans by now. While there have been steps taken to minimise the impact of payday loans in recent years, which have brought about positive results, there are still huge concerns about the overall impact that these loans have on people. This is something that a lot of people appear to be struggling with and the number of complaints being made about these loans suggests that payday loan problems still exist.
The Financial Ombudsman Service, the FOS, announced that they received a total of 10,529 new complaints about payday loans in the financial year for 2016/17. This was an increase from the previous year, increasing by a total of 3,216 compared to the 2015/16 period. This must be seen as a concern because it was believed that the worst period relating to payday loans was over and done with. However, there has been a growing rise in worries and concerns relating to credit products, and payday loans will fit into this style of issue.
Do you have payday loan problems?
There is no doubt that payday loan problems can blight people and it is important to make sure that people are aware of what they can do to improve their finances. A lot of people feel that there is no other option but to take a payday loan but this isn’t the case. If you are looking to avoid payday loan problems you will find that there are many ways you can obtain the finance you need to take control of your money and what you are dealing with on a daily basis.
One way to avoid payday loan problems is to focus on obtaining a guarantor loan. A guarantor loan is a fantastic way to obtain finance at a more affordable rate, and this is down to the presence of the guarantor. There is a great deal to be said for finding someone with a strong credit score who is willing to act as your guarantor. If you can find someone who is willing to take on this role, you will have access to a much more attractive rate of APR.
You can understand why many people are struggling with payday loan problems but there is no need to. There are more attractive loan options that will help you move forward in life.