A debt advice organisation has claimed that payday loan companies are lending to under 18s, people with mental health issues and individuals who were drunk at the time.
Citizens Advice said its analysis of 780 cases reported to it between 26 November and 13 May 2013 revealed evidence of “inadequate” checks on borrowers, with people chased for debts when the loan had been taken out by someone else using their identity.
It found that three out of four people, or 1,539 cases, struggled to repay the loan, with 84% saying that lenders did not offer to freeze interest rates or charges despite saying that they would do so.
During the six month period, 24,575 people went to Citizens Advice to seek advice about payday loans.
For the full story click here
