Code of practice for short term loans
The Consumer Finance Association (CFA) launched a code of practice that represents eight
of the nine largest UK payday loans online lenders to provide a basis for how to conduct
business.
This was done to enhance the...
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Code of practice for short term loans
The Consumer Finance Association (CFA) launched a code of practice that represents eight
of the nine largest UK payday loans online lenders to provide a basis for how to conduct
business.
This was done to enhance the public image of an otherwise unfavorable industry by
the government.
Despite the effort taken in attempting to provide better service, proponents
of more regulations on short-term lenders say that more action needs to be taken.
In the code of practice, the short term loans lenders give a set of self-monitoring rules that
provide the fairest exchange between borrower and lender.
These rules essentially make it a
necessity to maintain doing business as usual, but to make a more concerted effort in letting
the customer know what they are getting into.
This makes it very clear that every customer
knows that they will be taking on high costs that come with taking the loan.
Additionally, some of the rules state that they will no longer
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