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Kinds of complaints we come across
These kind of items are usually marketed at people who have restricted use of conventional credit. And even though the levels of money included might be reasonably tiny, the attention prices are high. Due to the expenses included, they aren’t intended for long-lasting borrowing and in most cases run for approximately year (even though some may be somewhat longer).
Up to 31 March 2014 lending that is short-term beneath the range associated with workplace of Fair Trading (OFT). After that timing the Financial Conduct Authority (FCA) became the regulator and introduced the meaning « high-cost short-term credit ». To meet this definition, the financing has to:
- have actually an APR of 100% or even more
- be due become repaid or considerably paid back within one year
- never be guaranteed financing, house credit or an overdraft