The short-term lending industry – and payday loans particularly – experiences several loopholes, which are leading to growing criticism towards it.
It’s not a rare case when your savings are not enough to cover urgent expenses. And it’s not an option to wait for a payday to pay for unplanned expenses.
Be it a broken fridge or some plumbing issues, people prefer to solve the problem fast. And they have to borrow money or use credit, which they later pay back in monthly installments. Often, people who have a bad credit score are vulnerable to high-cost short-term (HCST) debt such as payday loans as well.
How Lenders can improve their credit scoring and will more customers?
