Individual and Group Financial Consulting
Life can produce many unexpected situations, some of which leave us struggling financially. If you are looking for quick, honest and friendly advice on managing your finances, our experts are here to help:
Most lenders have an online application form that you complete and email across to them; requesting information such as your personal details, and the date that you are next being paid. Typically, you must also complete an agreement for them to collect the money from your bank account when it is due, to prevent the lender from having to chase you. After you send this across to them, they review your application and make a decision - often within an hour of applying. If accepted, money is then transferred across almost instantaneously.
Keeping up with regulations
In January 2015, a number of regulations were placed on payday loan providers, applied to protect consumers. These included restricting interest rates to 0.8% per day, and limiting rollover agreements to a maximum of two (rollover agreements allow lenders the opportunity to pay the loan back a month later, if they are unable to meet the payback requirements when they are due). In addition, no more than twice the loan amount can be paid back, preventing consumer exploitation.