Half of payday loan users 'cannot afford repayments'

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Published by Max Salsbury for 24dash.com in Communities and also in Finance

Almost half (48%) of those who have taken out payday loans cannot afford to repay the debt, Which? research has revealed. The consumer campaigning charity is now calling for a shake-up of the payday lending industry to protect potential borrowers from getting into greater financial difficulties. The research also revealed that 29% of payday loan users have taken out credit that they knew they couldn’t repay. In the last 12 months, 57% of people with payday loans have incurred charges after&nb...

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