Published 12 March 2018 · Last reviewed 12 March 2018 · Older article — see current rates
I need to borrow money on my property but I have a track record of Pay Day loans
For a large section of society Pay Day loans are the norm however many mortgage providers shy away from lending particularly if a Pay Day loan or equivalent has been taken in the last 12 months – even if payments have been maintained in full.
So why the reluctance? Well rather than trouble themselves to determine the facts mortgage lenders lazily conclude it is a sign of financial distress rather than a lifestyle choice. For some reason the stigma is far more deep routed than overdrafts or credit cards as a method of making ends meet. The reality is the interest rate is probably higher and therefore it should serve as a greater testament that repayments have been met.