There is a lot of news about the payday loan industry from news about how loans are advertised and how loans should be marketed to customers. Peachy Loans however, received good comments from The Guardian, one of the top newspapers in the country that has looked critically at the payday loan industry. These comments show that Peachy Loans is deciding to do things differently compared to rivals who are not receiving as good comments as they should. We are very excited that the press can see that we are working hard to be a responsible lender that cares about its customers. We look forward to getting more positive press as we continue our journey!
How customers can use payday loans responsibly
At the moment, there is a lot of talk in the industry about responsible lending. Responsible lending is defined by lenders who do not lend recklessly to borrowers who cannot afford to pay the money back. This is what we are all about – we want to only work with customers that want to borrow responsibly. Top tips for customers to borrow responsibly include:
• Look at your monthly expenses: These expenses can be anything from transport to what you spend each month on entertainment. Only take out payday loans if you have an emergency where you cannot meet your basic expenses.
• Know what you are going to use the money for: This is where you become a responsible borrower because you know why you are using the borrowed money. It should always be because you are in a financial bind.
• Stick to your repayment schedule: By looking at when you are supposed to pay the loans, you make it easier to avoid falling behind on your payments.
Responsible borrowing makes everything easier for lenders like Peachy to approve your loan requests. Take control of your personal finances with these tips for good borrowing.