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The Financial Conduct Authority, the body that oversees the financial sector has imposed a limit on interest rates for payday loans. The lender is not allowed to charge more than 0.8 percent for the loan. If the borrower isn't charged over the limit that is set, the borrower will never owe double the amount they borrowed. It is recommended to consider taking out the loan you will be able to repay in installments so that you can afford the repayments.      Around 10.2 million loans were taken out in the UK between 2006 and 2012      The UK's payday lending industry grew more than threefold between 2006-2012, uk payday loans with its peak in 2012. The UK's financial regulator, the Competition and Markets Authority, estimates that 1.8 million customers took out 10.2 million payday loans in the UK in 2012. This is equivalent to PS2.8 billion. While the CMA figures are lower than McAteer and Beddows but they do show an increase of 35-45% over the prior year. The market for payday loans in the UK has grown exponentially since the introduction of Price Cap Regulation in Jan 2015.      At the time when the economy of the UK was experiencing an increase in payday lending, provoking widespread concern over the costs involved. Payday lending was founded with a simple goal: to provide a small amount of money to borrowers before their payday, and to pay back the loan after they have received their pay. This practice continues and is now incorporated into high-street stores. As opposed to pawnbroking and pawnbroking payday lending does not require collateral, and is accessible to anyone with a monetary income.      While payday loans are costly A majority of customers feel confident that they can repay their loans. In fact, less than one in four people admitted that they had difficulty to repay their loans. However, these figures are not indicative of the true costs of payday loans. Consumer Focus calls for tighter regulation of payday loan lenders in order to address this problem. Consumer Focus has also released figures on the amount of money the borrowers borrowed between 2006 and 2012, paydayloan Uk suggesting that there are millions of people who need help.      Payday loan applications on the internet can be approved within minutes, and many lenders allow repayment in instalments. Although payday loans can be costly however, they usually do not have hidden fees. If you require money urgently cashLady can be a good alternative to payday loans. The Financial Services Authority has also authorized it which means the loan process can be completely transparent. It is the perfect solution for many people who need money due to its simple and quick online application process.      Payday loans have high interest rates      Payday loans have gained popularity in the UK over the last few years. This has led to questions about the high price of these loans. Payday loans were initially designed to provide small amounts to those who needed it prior to their next payday, and then to repay the loan upon receiving their next paycheck. These loans are now an integral part of our everyday lives and can be accessed via your local high-street shop.      Despite consumer concerns, the FCA has established rules to regulate the UK payday lending industry. Financial Conduct Authority (the regulator) has announced that they will be reviewing the interest rate caps in place, which were introduced in January 2015.      The Centre for Responsible Lending found that payday lenders charge a combined average APR of 36% for a $300 loan over 14 days. Payday lenders also charge a "finance fee" for every loan, which is a mixture of interest and service fees. As a result, the consumer may not be able assess the interest rate they will be charged. Even when the lender is licensed, you can still withdraw the agreement within 14 days. Then, you will only be charged interest on the amount you took out. Additional charges will have to be reimbursed.      Payday loans carry high rates of interest which is among the most alarming facts. Many borrowers are unaware of the high interest rates they pay because they are focused on the fees. This means they aren't able to shop around and can lead to significant variations in APRs. It is also important to know that payday loans can cause high debt. Payday loans are often short-term , but they are also unsecured. They have a higher default percentage than other types.      They are very simple to find.      It's possible to qualify for payday loans even if you have bad credit. To determine whether they are able to provide you with money, a lot of UK payday lenders will use credit checks. Although this process isn't perfect, it can help lenders assess your stability and decide whether or not to give you money. Although it may seem difficult it is actually quite simple. There are many advantages to applying for a UK payday loans with bad credit. Below are some benefits of applying to a payday loan in the United Kingdom with bad credit.      First you have to be able to demonstrate that you have the funds to pay back your loan. You must have enough income to pay your monthly installments and a steady income. It is easy to get behind on your monthly payment because life doesn't always go as planned. Unfortunately, 67 percent of payday loan borrowers are unable or unwilling to make their monthly payments. This is the reason it's vital to be aware of the loan provider you're applying with and then compare their APR.      A payday loan is a great way to get a small loan in the UK to cover the time you most in need. UK payday loans are easy to obtain and can prove very helpful in times of need. There are many online and the application process is swift and simple. Once you've been approved, the majority of loans are deposited into your bank account the next business day. Therefore, you don't have to worry about your credit history. A payday loan from an established lender is one of the safest options you can get.      Despite the high rates of interest associated with payday loans, they are simple to obtain. Applying online is quick and simple even if your credit score is not excellent. You can receive the money you need in as little a thirty-35 days and repay it over a number of months. You can even apply for hardship benefits when you're a 401(k) participant. This option might even let you access hardship benefits through your pension plan.      They are often taken out on Fridays.      After the financial crisis of 2008 The payday loans offered in the UK have gained a lot of popularity. After the 2008 financial crisis that led to the financial crisis, payday loans in UK have gained huge popularity. This is because banks are less likely to provide short-term loans, while poorer families have more difficulty to pay high living expenses and pay a low wage. As a result, politicians have stepped in to defend the interests of low-income families and have called for a halt to the business. The Competition and Markets Authority (CMA) has now acted to protect consumers from unfair charges by payday lenders.      The CMA estimates that there are 1.8 million UK payday loan clients who took out 10.2 million loans for PS2.8 billion in 2012. In the past year, the market grew by up to 35 per cent, although recent data suggest an increase in. There were 90 payday lenders in the UK in October 2013. The three biggest ones accounted for 70 percent of the revenue. Payday loans in the Paydayloan Uk are typically taken out on Fridays, and then repaid on the following Monday.      They are dominated London and the South East of England      London and the South East are the most expensive locations to obtain a payday loan. However, the South West is relatively affordable. London is a prime example. has more than 100 payday lending shops per million residents. Other cities in the South East of England are also home to fast-cash lenders. The average size of loans in the South East is PS29, which is slightly less than London.      The amount of people taking out payday loans in the UK has increased dramatically in the last two years, Paydayloan Uk with hundreds of people turning to the South East for their short-term finance needs. The South East has a much more demand for payday loans than the South West. The highest concentration of payday loan companies is found in the South East. While these areas are among the most expensive to borrow from, they do have the highest number of customers.      The Competition and Markets Authority (CMA) has conducted research into the UK payday loan market and has found that more than 1.8 million people took out more than 10 million loans worth PS2.8 billion in 2012. The figures are still higher than McAteer and Beddows, however they represent a 35 to 50 percent increase over the previous fiscal year. The overall growth of payday loans in the UK is currently concentrated in London and the South East of England.      The South East of England has the highest proportion of payday loan customers. However, a lot of South East residents aren't eligible for traditional loans. The figures are based upon data from the country's top eleven payday loan companies that include the Midlands. This is due to the high population of the South East and the highest number of payday loans. This makes it easier to get payday loans for residents of the Midlands.