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Issues with late repayments. Published on Thursday 12 April 2018. Payday loans sound simple and straightforward but if you cant repay the loan on time, they can quickly become a nightmare. In this Article. 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.
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