Payday loan companies say East Lancashire customers happy with experience (From Lancashire Telegraph)
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Payday loan companies say East Lancashire customers happy with experience
9:57am Wednesday 4th September 2013 in News
THE payday loan industry has hit back at claims it exploits the poor with a survey showing 92 per cent of its clients in the North West were happy with their borrowing experience.
The Consumer Finance Association, which represents the big high-street names in the controversial industry, commissioned international research agency, YouGov, to conduct the poll.
It reveals that the experience of most people who use payday loans contradicts public perception.
It said 92 per cent of customers borrowing from lenders who are CFA members since an industry code of conduct was introduced felt proper affordability checks were completed.
CFA chief executive Russell Hamblin-Boone said: “As part of our commitment to continue to drive up standards in the industry we conduct regular research with our members' customers in areas across the UK to check compliance with our standards.
“This research sits alongside a wider compliance monitoring framework. This snapshot is encouraging because it shows that customers of CFA members in the North West have benefited from the high standards we have put in place.”
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