Online lenders are now required to advertise on at least one price comparison website and display “prominently” a link on their own website to a price comparison site. A cap on payday loan costs is also being enforced. The Competition and Markets Authority (CMA), say the new rules are a win for consumers and will allow them to compare loans more easily and establish the best value. Borrowers will also be provided a clear explanation of the fees and charges, making it easier to determine the costs of missing payments.
We never advise clients’ resort to taking out payday loans, as this are an extremely costly way to borrow money. We have identified alternatives to payday loans in another blog on this same topic.
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If you have any questions on this topic or are in a financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.