Cheap payday loans

Some time ago Spasov warned that the real cost of payday exceed the legal ceiling of 50%. The ceiling was imposed over a year ago with changes in the Consumer Credit Act. “Before imposing ceiling pricing companies fast loans was very simplistic. You take 500 – 600 back, “an example Spasov. Following the introduction of the ceiling companies wrecked this price components – interest, insurance requirements for guarantees, visits to the home, other additional services, explained the chairman of the association. These charges outside interest are eligible customer, said Spasov. But admitted that companies require payment of one or more if you consider that the client is assessed as less creditworthy. The main problem is that people should not be blackmailed to pay them, but in a highly competitive market, it is becoming increasingly less possible, he said.

According to the head of the association end result is that before and after the imposition of the ceiling price of the payday is not dropped. It is dictated by market demand, he said. And do not hide that the market has established a minimum depending on the term of the loans. Fall below this minimum only new companies entering the market and looking for customers. Asked how the minimum Spasov gave the example of quick loans for several weeks that you get 100 back at least 118.