How much will it cost if you want to go overdrawn without asking?
Going overdrawn without asking your bank can be expensive. Avoid it if you can
If you have a current account, it’s obviously best if you can stay in credit the whole time. If you need to borrow money, it will be cheaper if you talk to your bank first and get an arranged overdraft. If you do go into the red without permission, be aware that it can be very expensive indeed. The charges can add up to far more than the amount you owe.
How do doorstep lenders work and how much do they charge?
Doorstep lenders charge high interest rates on loans (up to 400% APR). Should you ever take out a doorstep loan?
A new report by the charity Scope shows that disabled people are three times more likely to use doorstep loans than those who aren’t disabled (you can read more about the report here). Doorstep loans, or home credit, let you borrow relatively small amounts of cash (normally up to £500) and repay it weekly by someone coming to your house to take payment, or by money being taken from your bank account. But, beware! The interest rate charges can be very high.
Payday lenders have been summoned to a government meeting
The meeting comes a few days after the OFT referred the industry to the Competition Commission
It's been a bad few days for the payday lending industry. Last week the Office of Fair Trading decided to refer the whole industry to the Competition Commission because of deep rooted problems in the market. And today, Jo Swinson, the Consumer Minister, has summoned the payday lenders to a summit with charities and regulators to find out whether more regulation is needed. What are the problem areas and what, if anything, can you do if you have a complaint?