The fast-paced quick loans in the UK have significantly increased their supporters. This type of credit is often referred to as fast loans because the procedure for granting it is extremely fast and easy. In just one hour, you can get the money you need to stabilize your budget and not constantly worry about your monetary costs. Unlike banks that advertise simplified procedures but send you for a bunch of documents after visiting the office, the procedure for the main contractors of this type of credit, the non-bank lending organization, is really extremely simple. You only need an ID and you are ready. You will not need to provide guarantees, employment contracts, etc. Unfortunately, there are lenders who take advantage of the situation and offer bad loans to people in need.

A LEEDS Beckett University student who was in debt to payday loan companies and behind with his studies was found hanged

Wakefield Coroner’s Court heard 21-year-old year one human geography student Naseeb Chuhan was found dead at an address in Leeds on May 28 last year. Naseeb’s father Kuljit Chuhan told the inquest that he had discovered after his son’s death that he been granted a number of payday loans. Mr. Chuhan said: “In my mind what begins as something quite innocent and just as a one-off and when you get to the end of that you realize you have overspent.”

I think it something that slowly creeps up. I think that’s how payday loans work. I think he was tempted into it. Click To Tweet

Priscilla Preston director of services for students at Leeds Beckett University told the inquest the university has “a lot of students” who experience debt. Julie-Anne Luck, for Naseeb Chuhan’s family, asked her: “Are you aware of payday loan companies targeting the student population?” Miss Preston replied: “Yes. I don’t know how they do it. I should imagine social media is one tool they use. “It is something we communicate to students about. We encourage students to come in and talk to us about money worries.”

The cause of death was hanging

The inquest heard Naseeb started studying at Leeds Beckett in September 2015 and completed all the work required of him up to the end of that year. But the inquest heard his studies started to suffer after Christmas and he failed to hand in coursework and did not attend an exam in January 2016 or the resit in April. The inquest heard Naseeb went to see a locum GP on May 25 and said he had been feeling down for several years. Later that day he spoke to a student wellbeing officer at Leeds Beckett University’s hub and an appointment was made for him to speak to a counselor on May 27, but he did not attend. Consultant pathologist Dr. Lisa Barker, who conducted a post-mortem on Naseeb, told the inquest the cause of death was hanging. Despite this tragic news, there is light in the tunnel because:

Provinces across Canada have tightened the rules that govern the industry. Payday lenders insist they provide an essential service, but they have been widely criticized for exploiting vulnerable customers and charging too much. Now they say their margins are being squeezed so badly that they’re fighting for survival.

Payday lenders have been forced to lower fees and loosen terms. In 2016, Alberta passed its Act to End Predatory Lending. Among several changes, including an extended payback period for a loan, the fee for every $100 borrowed was capped at $15. British Columbia, at the start of 2017, reduced the maximum allowable fee to $17 from $23 and instituted an extended payback period if a third loan is taken out within two months. Ontario cut its rate to $18 from $21 for 2017 – and on Jan. 1, 2018, Ontario will cut the figure to Alberta’s cap of $15. Ontario is considering an extended repayment period, too.

Why not check some related posts?

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!