Payday lenders such as weight To Pocket and Flex Credit are getting into the loan that is medium-term with 12-month pay day loans.
Despite force to clean up the industry, payday loan providers providing short-term high interest loans are expanding in to the medium-term loan market by providing 12-month loans at sky-high rates.
A Google that is quick search a raft of businesses providing loans spanning a 12 months at 278per cent APR. These generally include weight To Pocket, Flex Credit and 12monthloans.co.uk.
The loans are marketed in a comparable method to pay day loans: they boast easy online financing decisions, quick transfer of funds and high approval prices. Repayments are built via your debit card or bank account.
A number of the organizations providing loans that are 12-month usually promote on daytime television which implies these are generally targeting the unemployed.