Lenders told to improve affordability checks after they pushed Brits into debt
LENDERS have been slammed for advertising loans to pay for holidays and warned to stop dishing out multiple loans that could push repeat borrowers into more debt.
If you have money left over, plan in advance what else you’ll spend or save.
The review covered lenders providing products including guarantor loans, high-cost short-term credit, logbook loans and rent-to-own. Jonathan Davidson, the FCA's executive director of supervision, retail and authorisations, said: "We have significant concerns that repeat borrowing could be a strong indicator of levels of debt that are harmful to the customer.
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