Payday Lending
Payday lending is usury lending, ie the lending of money at an exorbitant rate of interest. Typically at rates of interest equivalent of 3,000 to 5,000 APR), which often entraps consumers in cycles of debt, with roll over lending from month to month.
Govan Law Centre have produced a Payday Loan Survival Guide which explains how consumers can challenge unfair interest and charges, stop payday lenders from emptying their bank accounts, and pay back debts legally due on a reasonable and affordable basis.
If you would like to consider an alternative to a payday loan, contact Scotcash - to discuss affordable credit options. Scotcash is a community interest company (and GAIN agency) set up to offer Glasgow citizens an alternative to payday loan companies and loan sharks. Scotcash offers a range of services and products such as affordable loans, saving accounts, white goods packages, basic bank accounts and money advice.
If you are concerned about the amount of money you have borrowed you can take the Money Advice Service Debt Test
Money Advice Service has information on payday loans along with a payday loan - what you need to know
You can also go to the Citizens Advice Bureau Advice Guide which has useful information about debt
Or for free advice click here to search or database of advice centres across Glasgow to search for agencies or call the GAIN Helpline on 0808 801 1011. Calls are free from land-lines and mobile numbers.