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These pages contains details about our basic way of complaints about pay day loans as well as other lending that is short-term. If you should be trying to find information especially with regards to Covid-19, please glance at our page that is dedicated that information for customers about complaints pertaining to Covid-19 .
What exactly are pay day loans?
Pay day loans are a form 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 re payment on or soon after the next payday. This type of borrowing is commonly higher priced than several other forms of credit.
There are various other kinds of short-term financing, including:
- instalment loans вЂ“ repayments are spread regular or month-to-month over several repayments, typically between three and 12 months
- вЂrunning credit’ or вЂflex credit’ вЂ“ the way in which this works is comparable to a bank overdraft, borrowers and provided a ‘limit’ they can set up to as an once they need certainly to, provided they spend at the very least the interest off every month. Read more “Without a doubt about pay day loans, along with other short-term lending”