News

Payday loan borrowers blacklisted

11/10/13

According to one mortgage broker, some 85% of mortgage applications have been turned down over the last 12 months if there is any reference to a payday loan in their credit history – this despite the fact that over half of these applicants had no other issues with their credit record and had paid off the payday loan before making their application.

The payday loan market has a current £2bn annual turnover and is used by some 1.2m people a year. Many customers use the loan services sensibly, paying off their debt promptly, but some mortgage lenders even have an outright ban on payday loan customers.

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