As featured in The Mirror; 22% don’t understand what APR means and most Brits would rather use a traditional bank overdraft to tackle an unexpected bill even though a payday loan is actually cheaper Almost a quarter of Brits have no idea how much interest they will repay after borrowing money according to new research. The study of 2,000 people found that 22% do not understand the term ‘APR’, and… Read More
Understanding financial language is hard enough, but then the banks, lenders and payday loan companies go and make things even more difficult for the average consumer to understand by using a slew of acronyms. So what is APR? Or PPI, for that matter? Here’s a list of some of the most common financial acronyms, and a brief explanation of what they actually mean. APR – Annual Percentage Rate, calculated in… Read More
New Rules and a New Industry Many people are familiar with the idea of a payday loan, as the concept has been around for a very long time. Payday loans are small loans, typically between £50 and £1000, intended to help borrowers get by when covering short-term financial need and are paid back on their next payday. Now officially referred to as the High-Cost Short Term Credit Market, the concept… Read More
For many years, payday loan companies were seen as the ‘bad boys’ of the financial sector. A reputation for high-interest rates and crippling default charges and fees turned what was an essential financial lifeline for many working people into an industry that was under constant scrutiny by the newspapers for ‘dubious practices’. All of that changed (practically overnight) when in January 2015 the Financial Conduct Authority (FCA) brought in a… Read More
Over four months on, and the Brexit fallout continues. The initial seesaw reaction of the markets was inevitable, and the value of the Pound underwent some pretty dramatic fluctuations, both against the Dollar and the Euro. Most of us watched the market meltdown and asked, “How will this affect me and my family?” The ‘trickle-down effect’ The simple answer is that it hits your pocket, hard. That’s especially true if… Read More
Which?, the UK’s largest consumer body has recently held a spotlight up to the charges applied to unarranged bank overdrafts. In many cases, these charges equate to more than the fees and interest applied to payday loans. The Which? Article is additionally supported by a petition to encourage the crackdown on unfair charges, has already garnered over 50,000 signatures from the UK public. Which? findings & what they want… Read More
The myth: Payday lenders are untrustworthy. Many payday loans have interest so high that it accumulates to much more than the initial borrowed amount. The myth-buster: In January 2015 the FCA introduced new regulations which aimed to ensure the right balance of costs and charges for both firms and customers. This was implemented in the form of a price cap for any loan with a term of less than… Read More
Vivus UK hit the streets to find out how clued up Brits are on APR and on their understanding of the difference between payday loans versus credit cards – with many left surprised and their attitudes to payday loans altered #ChangingPerceptions
Vivus UK hit the streets to ask Brits, ‘What is APR?’ only to discover that while many people understand they pay it, they don’t understand what exactly it is nor what it stands for. Do you know what APR is? No? Click here to find out!
Vivus Loans UK took to the streets to find out savvy the Brits are on the difference in payday loan lending VS credit cards. The results surprised even us! Watch the video here.