Payday lenders such as weight To Pocket and Flex Credit are stepping into the loan that is medium-term with 12-month pay day loans.
Despite force to completely 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 fast Bing search reveals a raft of businesses offering loans spanning a 12 months at 278per cent APR. These generally include Pounds To Pocket, Flex Credit and 12monthloans.co.uk.
The loans are marketed in a comparable method to payday advances: they boast easy online lending decisions, fast transfer of funds and high approval prices. Repayments are built via your debit bank or card account.
A number of the organizations providing loans that are 12-month often promote on daytime television which implies these are typically targeting the unemployed.