Cost Advise Users About New Payday Loan Charter

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Online comparison website Cost.co.uk advise their consumers about the new Good Practice Charter & Addendum to be introduced to payday lenders.

The online comparison website

The Good Practice Charter & Addendum is a set of guidelines encouraging payday lenders to be more transparent and ethical about their services

Online comparison website Cost.co.uk is known for sourcing its customers the best deals on all insurance, financial, travel and utility products. The comparison experts also release impartial information advising their consumers on these subjects to help them make an informed decision when shopping for these products. The latest advice concerns payday loans and the new customer charter that will be followed by more than 90% of UK payday lenders.

Cost’s leading financial expert says:

"Payday loans can be a great short term solution in a sticky financial situation but the borrowing schemes have received a lot of negative press recently. The Good Practice Charter & Addendum is a set of guidelines encouraging payday lenders to be more transparent and ethical about their services. The introduction of the charter is a good step towards a more positive attitude towards the loan schemes.”

Main points of the Good Practice Charter & Addendum:

  •     Customers will receive more rights than those currently provided by law
  •     Lenders will perform checks and assessments to make sure the loan is suitable for your circumstances.
  •     Fees and charges attached to loans will be more prominent (some lenders will list them clearly on a dedicated page of their website)
  •     Lenders will provide accurate examples of how a payday loan works showing charges and fees
  •     Lenders will direct customers to free and independent financial advice and debt-counselling organisations (Citizens Advice, National Debtline etc)

The Cost team are also dedicated to keeping their consumers up to date with the latest news and developments in their industry.

Based in Essex, Cost is one of the UK’s leading price comparison sites. Allowing their online customers access to companies offering a range of insurance, financial and travel services, the
firm specialise in providing a personal experience. Founded in 2012, the agency has a trusted reputation for sourcing the most ideal policies at affordable prices.

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Ben Austin
Cost
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