Uswitch comments on rise in payday loan complaints
Commenting on the publication of the Financial Ombudsman Service’s latest complaints figures showing that in just nine months, payday loan complaints are already 50% higher than all of 2015/16, Tashema Jackson, money expert at Uswitch.com, says: “The sharp rise in payday loan complaints is further proof that short-term lenders are failing to provide the service that customers are entitled to expect, despite the regulatory crackdown by the FCA.
“The good news is that more people are using their right to complain to the ombudsman when they feel they have been treated unfairly. This is important as it’s often the most vulnerable who resort to payday loans, as the feel they’ve been locked out of the traditional lending avenues.
“These vulnerable consumers need more support to better understand the options available, so they only seek a payday loan if they feel it’s the best choice for them. Before making a decision, talk to your bank about taking out an authorised overdraft or ask about joining your local credit union – they will often be able to offer you the credit you need at a much better rate.
“If you do find yourself struggling with mounting debts, you can seek assistance from charities such as StepChange who will help you take back control of your finances.”
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