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This week we welcomed in 2016 and the many changes it is sure to bring. However, there is one thing that it is here to stay- payday loan lenders and instalment loan lenders are set to stay popular in 2016 despite the changes from the previous year. Last year saw the introduction of new regulations from the Financial Conduct Authority who bought in a range of repayment caps to stop the exploitation of consumers.
The changes were introduced to save customers money and we, at The Lenders List recommend you always shop around and compare when looking for a loan lender.
Comparing New Payday Loan Lenders In 2016
Using a payday loan lender or an instalment loan lender should not be a reliance for you and is often a last resort when looking for solutions to financial issues. If you do find yourself in need of one, we strongly urge you to compare the terms and rates of the different lenders as there are many to choose from. Just because a company accepts your application it does not mean that they are offering the best option for your unique circumstances. We recommend that you keep an eye out and search for new payday loan lenders as they will be new to the market and looking to compete with some of the more well-known names. This means they are likely to have highly competitive rates or may be offering special introductory deals. Even if you have previously borrowed from a specific lender, this does not mean you need to stick to the same company as you could be missing out on a better offer rate elsewhere.
Payday Loan Companies For 2016
Last year’s payday and instalment loan changes came about after a series of criticisms of the industry. The FCA took over regulation of the industry in 2014 and were keen to make changes as soon as possible to correct what they felt were unfair charges on short term credit.
The criticism included extortionately high interest rates as well as lenders causing severe financial and emotional stress to borrowers. The FCA quickly realised something needed to change to make the market fairer.
Some of the changes included a daily interest cap of 0.8%, as well as a limit of 100% on the amount borrowed meaning customers would not be asked to pay back over double what they borrowed. They also introduced stricter credit and affordability checks and stated that after a maximum of 2 failed attempts to take payment from a debit account, lenders would have to contact borrowers to come to some form of agreement.
This year, with the changes in full effect we should see a continued shift towards responsible lending making payday and instalment loans a safer option for borrowing.