25 texts and e-mails on a daily basis:    how pay day loan businesses hound vulnerable borrowers

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25 texts and e-mails on a daily basis: how pay day loan businesses hound vulnerable borrowers

25 texts and e-mails on a daily basis: how pay day loan businesses hound vulnerable borrowers

The industry continues to act irresponsibly by lending to people in financial difficulty despite tougher regulation. We talked to 1 target

Neither of whom asked him to disclose previous money problems despite having an IVA, one borrower found he was able to take out new loans from two lenders. Photograph: Suzanne Plunkett/Reuters

Despite having an IVA, one debtor discovered he had been in a position to sign up for brand new loans from two loan providers, neither of who asked him to reveal past cash dilemmas. Photograph: Suzanne Plunkett/Reuters

A lex Jones* has got to switch their phone down at the job therefore the constant texts try not to distract him. He gets around 20-25 a from payday lenders and brokers offering high-cost loans of up to ВЈ1,000 a time day.

“Need money? We’ve reviewed your application …” a text that is typical. “A loan of as much as ВЈ900 is preparing to finish,” claims another. “We’ve gotten your loan inquiry. Can you just just take our call? Answer YES …”.