More than a decade after Arizona voters rejected an attempt by the payday lending industry to make permanent a law allowing high-interest loans, city streets are still littered with garish signs promising fast cash with no credit checks required. Unfortunately, many payday loan borrowers can't repay the debt by the due date. In fact, the CFPB found that 20% of payday borrowers default on their loans, and more than 80% of payday loans taken out by borrowers were rolled over or reborrowed within 30 days.I had a huge history of loans, payday loans and credit cards up until about 18 months ago. I have since paid everything off and made affordability complaints. 9 out of 10 of my complaints were upheld by FOS so I had interest refunded and negative markers removed for the large loans and some of the loans removed completely for the payday lenders. Annoyingly, just one of the complaints (against Likely Loans) was not upheld (I have no idea why as the circumstances were exactly the same as all the other lending) and for about 12 months I was in an arrangement to pay" with them. The loan was paid off a year ago but now this is the only negative" on my record.
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