Payday loans put mortgage applications at risk of refusal | Debt Advice Foundation

Payday loans put mortgage applications at risk of refusal

People who have taken out short-term, high interest loans may be risking rejection by mortgage lenders, it has emerged.

Lender GE Money has confirmed that it will not approve applications from borrowers who have had one payday loan in the last three months or more than two in the last year.

And companies that provide credit checking services are coming under increasing pressure to highlight payday loans on customer credit checks.

People who have taken out short-term, high interest loans may be risking rejection by mortgage lenders, it has emerged.

Lender GE Money has confirmed that it will not approve applications from borrowers who have had one payday loan in the last three months or more than two in the last year.

And companies that provide credit checking services are coming under increasing pressure to highlight payday loans on customer credit checks.

For more on this story, go to: http://www.mortgagestrategy.co.uk/latest-news/payday-loan-history-threatens-mortgage-applications/1054360.article

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