Unmissable Truths About Short Term Loans in 2018?

If you are thinking about taking out a short term loan or even a payday loan in 2018 then here are unmissable truths about short term loans in 2018 and why you need to read this.

Have you ever taken out a Short term Loan or Payday Loan?

If your answer is yes then you’ll probably have seen the new craze for “claiming back” the interest on those loans and even being able to charge the loan company interest!!!!!

It seems that there were companies out there, that made it very easy for you to take a loan out time and time again and they were acting irresponsibly but ask yourself, what was the alternative?

Anyone who took out more than 1 loan is now being given the chance to claim back some money, irrelevant of whether you were sold the loan irresponsibly. (see the claims sites that tell you what to say and how to say it)

Loan Companies are more reluctant to lend to you.

Short term lenders are receiving a high number of  fraudulent (and legitimate) claims, because people are stating that they were given a loan in the past but shouldn’t have been, so now these loan companies are not going to lend to you.

So all the people who are now visiting these “advice” & claims sites like www.debtcamel.co.uk to get “advice” are being told to fill out a templated form  (whether the form is truthful or not) and send it off to any loan company you’ve have a loan with in the last x number of years.

Where do you go from here?

So, now that all these short term and payday lenders are being hit with claims (irrelevant whether the applicant is telling the truth or lying) they will have to re-think who they lend to. This means that you could now be turned down for all types of legal lending available to you. (unless you have a friend who is willing to assist)

This leaves you the alternative………. illegal lending. Illegal lenders are still very much in operation but these people will not offer you an alternative payment schedule that works for you, they won’t freeze the already uncapped interest, they don’t care if you are going to enter into a DMP, IVA or bankruptcy and they won’t just send you letters to ask for their money, they are more…….  hands on!!!!

So think about what you are doing to this industry

I know you all think that short term and payday loan lenders shouldn’t be able to charge extortionate rates of interest and we’d all be better off without them but, in truth, the interest rates are higher because of a number of things, not least the cost of defaults and claims against them (Real or scam) and so, we actually need, them whether we like it or not because the alternative doesn’t bare thinking about