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peterbard 11-07-2010 01:41 PM

Pay Day Loans
 
Hi

Getting a few queries about these, you know the ones you see on the TV , you borrow a couple of hundred now and pay back next week at some astronomical APR.

Not sure how they get away with this or what legislation regulates it. What about default notice? default interest, interest capping there must be some mustent there?
Thee cca i believe does not but i could be wrong i will look into it ,it will be regulated by the distance marketing act though i am not sure to what extent ,any wisdom on this or first hand information greatly appretiated

Peter


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