Payday lending is constantly rising, leaving people in ongoing cycles of debt
According the Financial Conduct Authority, in the year up until June over 5.4 million payday loans were taken, in comparison to 4.6 million in the previous year. This was 0.8 million more than the previous year. As well as this, the amount that people have borrowed has risen between July 2016 and June 2017 from 1.1 billion to 1.3 billion. The Financial Conduct Authority have
Read MoreThe average UK household debt is now at a record £15,400
Britain’s household debt mountain has reached a new record high, with UK homes now owning an average of £15,385 to places such as credit card firms, banks and other lenders, according to figures released by the TUC. The trade union body has stated that household debt had risen sharply in 2018 as years of austerity and wage stagnation forced households to increase their borrowing. The TUC said in its annual
Read MoreDoes a guarantor have any rights?
If you become a guarantor you might think that you are signing your life away - and you may be wondering if you have any rights. The answer is yes and no. For starters, being a guarantor means that you have an obligation to cover any payments that are not made by the main beneficiary. So if you have agreed to co-sign a loan agreement with a family member or
Read MoreAmigo Loans Reports 40% Rise in Profits
Guarantor loan market leader, Amigo Loans, posted a 40% increase in profits this year, despite a 1.15% fall in share price at 262p. The Bournemouth based lender floated on the stock exchange earlier this year with a £1.3 billion valuation which pocketed £327 million for the founders of the company. The firm has since raised £150 million in the form of securitisation, taking their loan book into a
Read MoreBlack Friday Statistics
The Black Friday frenzy is upon us! Whilst the 'holiday' used to be a way for American companies to see their profits to go from the red into the black after Thanksgiving, the discounting day has become a worldwide phenomena and the UK has jumped on the bandwagon. Here are some quick stats on Black Friday for you: Expected spending to be £7 billion this year, up from £4.5
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