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Forms of complaints we come across
These kind of items are frequently marketed at people with restricted use of conventional credit. And though the quantities of cash included could be reasonably tiny, the attention rates are high. Due to the costs included, they aren’t meant for long-lasting borrowing and frequently operate for up to year (though some could be somewhat longer).
Up until 31 March 2014 lending that is short-term beneath the range associated with the workplace of Fair Trading (OFT). The Financial Conduct Authority (FCA) became the regulator and introduced the definition „high-cost short-term credit“ after this time. The lending needs to to satisfy this definition
- have actually an APR of 100per cent or higher
- be due become paid back or significantly paid back within one year
- never be guaranteed financing, house credit or an overdraft