What are New Payday Loan Lenders?
If you have taken a Payday loan out in the last 10 years you’ll probably know who and what the new payday loan lenders are? These companies will have been setup after the FCA rules changed.
In 2014, after some eye watering interest rates were being charged, the FCA took control of the HCST loan industry and all companies now have to fully adhere to the new FCA rules around payday loans and short term loans.
New Rules for New Payday Loan Lenders
These new rules were put in place to protect consumers when taking out a payday loan because they had found themselves in difficulty and need emergency cash to get them through.
Loanpig is one of those new payday loan lenders, we are a responsible lending who takes the new rules seriously. When it comes to customer satisfaction from a responsible payday loans direct lender Loanpig stands out from the crowd.
Why choose a New Payday Loan Lender like LoanPig?
You may think that all direct lenders are the same, that all provide their customers with the same level of service because they are all now regulated with the same government body, but unfortunately, this isn’t the case.
Some payday lenders are still not as transparent as you’d like them to be. Loanpig will make sure you know exactly how much you are borrowing and how much you are paying back. This includes the interest payment and when we will be requesting the payment. All of which will be agreed with you before you complete the loan application.
Not all payday lenders have adapted to a new way of dealing with vulnerable customers. They still think that not answering emails from customers who are having difficulties paying back loans on time, is acceptable.
LoanPig are different, although they are in the business of lending money for a fee, just like any other business selling a product or service, they have to maintain a certain profit to remain in business. We believe in treating customers fairly and when a customer has a problem, we feel that it is our duty to assist all we can to help them all we can.