Published on October 6th, 2014 | by FinanceLoophole0
Can’t Pay Laura Lends Payday Loan
Can’t Pay Laura Lends Payday Loan – Read on!
Laura Lends is the new girl on the payday lender block. First appearing in 2014 and appealing more to the female payday loan borrower judging by it’s feminine name. It is run by Tide You Over Ltd who are based in Cardiff. They also run other payday loan companies called Mr Instant Cash, Cash Float and Pixe Loans. Laura Lends has a simple website design and products at https://lauralends.co.uk but the website is poorly designed and would not give me much confidence in them.
Their loan service allows you to borrow between £100 to £500 with a hefty 1734% APR Representative. For example if you borrowed £200 for 28 days. The total charge for credit is £61. Interest is fixed at a rate of £61 per £200 loan (326% per annum). The total repayable on your £200 loan would be £261. They will deposit money in your account in ten minutes after being approved. They can provide a larger loan to existing customers with a good repayment history with them.
Laura Lends is open for new loan requests Monday to Friday before 5pm for same day loan payment. They do undertake a credit check on you but they will accept people with bad credit and even accept you for a loan if you have CCJ’s, as long as you meet their credit criteria.
What Can I do If I Can’t Pay Laura Lends Payday Loan
First off – don’t panic. You are not the only person to have the problem and there is help.
You may find a debt management company useful. A debt management company will help you manage your debt so that you will be able to pay back your debt at a rate which is suitable for you. They will deal with the payday loan company so that you can avoid the stress. They will also prevent your payday loan company contacting you all the time with demands for payment. Not all debt management companies are good and there are some I would definitely not go anywhere near, but one we can recommend is “Bright Debt Solutions” – click their banner at the top of this page. We have worked closely with them for a while now and they have helped many people with their debt issues and we have had good feedback from our website users.
If you don’t want to use a debt management company, and not everyone does, you can get help from a number of debt charities including StepChange Debt Charity. Just search for debt charities on google (other search engines are available!)
Lending Guidance For Laura Lends Payday Loans
The OFT’s Irresponsible Lending Guidance say that lenders have to treat their borrowers who are in financial difficulty fairly and with patience. This will often mean that they should work with you to set up a repayment plan which will repay your debt over a reasonable time span suitable to your circumstances.
If your lender does take any action against you because of non/late payment of your debt your lender must be “proportionate” in what they do. ie. they cannot reposes your house just because you haven’t paid your payday loan of £500.
If you believe that Laura Lends Payday lender has been irresponsible, you can complain about the lender to the Financial Conduct Authority.
Tide You Over Limited who operate Laura Lends Payday Lender is regulated by the Financial Conduct Authority (FCA) and is on the Financial Services Register under Interim Permission Number 641564.
Laura Lends are not a member of any trade bodies such as the Consumer Finance Association (CFA) so you would be unable to complain to these trade bodies if you have any problems.