Editor note: this article ‘Are payday advances A scam? ’ had been initially posted on Financial Professional this season, and received a good news reaction. Into the years that followed, force upon payday loan providers from us as well as other campaigners snowballed. In 2015 and 2017 the Financial Conduct Authority (FCA) finally imposed new, tougher guidelines on loan providers. This article was updated in 2019 to mirror these occasions.
What’s a quick payday loan?
A cash advance is a little amount (?50 – ?1,000) advanced level to someone for a brief period, frequently for only thirty day period. The initial function of such a loan would be to enable you to definitely protect crisis expenses until they get their next wage.