Payday advances, along with other lending that is short-term

Payday advances, along with other lending that is short-term

This page contains information regarding our basic method of complaints about payday advances along with other short-term financing. If you’re interested in information particularly with regards to Covid-19, please glance at our page that is dedicated that information for customers about complaints with regards to Covid-19 .

What exactly are pay day loans?

Payday advances are a kind of borrowing referred to as “high-cost, short-term credit”. You borrow between ВЈ50 and ВЈ1000 and spend the loan back with interest, in a single re payment on or soon after your following payday. This type of borrowing is commonly higher priced than various other kinds of credit.

There are more kinds of short-term financing, including:

  • instalment loans – repayments are spread regular or month-to-month over several repayments, typically between three and 12 months
  • ‘running credit’ or ‘flex credit’ – the way in which this works is comparable to a bank overdraft, borrowers and provided a ‘limit’ that they’ll set up to as a once they have to, provided they spend at least the interest off every month. Whilst the credit contract has not yet fixed end date, this sort of credit is high priced and designed for temporary only use. Devamını oku