Especially the interest of Russian citizens they began to attract, after banks began to establish a minimum credit line, and this border was high enough.
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A survey by Which. found half of people with payday loans were unable to repay their debts while a third were hassled by debt collectors in the last year.
The Office of Fair Trading also says borrowers can pay far more than expected through rollovers, additional interest and other charges. In this guide we explain what happens when payday loans go wrong. How payday loans are supposed to be repaid.
With a payday loan, you agree to borrow a certain amount, over a fixed period of time for example, £150 for 10 days.