STEEPLE BUMPSTEAD, England, November 15, 2013 /PRNewswire/ --
True Blue Loans are encouraging customers who are stuck with a payday loan that they can't pay off to look for companies offering instalment loans so they can gain control of their debts.
Fidelity Works Ltd, trading as True Blue Loans http://www.trueblueloans.co.uk has launched in the UK offering an Instalment Loans solution to people stuck with continuous rollovers and extensions to their Payday Loan.
The alternative loans offered by True Blue Loans are instalment loans over 3 months, 6 months or 9 months. Daily interest is the only fee taken and the repayments are the same each month allowing the customer to easily budget their cash flow. Customers are encouraged to pay back early if possible as interest is charged on a daily basis and early repayment reduces the interest charged on the loan. There are no arrangement fees, no money transfer fees, no late fees if the loan is up to 14 days late and then only a £12 letter fee. True Blue Loans are direct lenders, not brokers and are based in the UK.
Kieran Moulden, Managing Director of True Blue Loans said, "We offer short term instalment loans, often called personal loans for poor credit. We are regularly seeing people who took out a Payday Loan 4, 5 or 6 months ago and have been unable to pay off the loan. The Payday Loan companies appear to be encouraging the customers to just pay the interest and then roll over the loan for another month leaving the customer in exactly the same position they were when they first took out the loan." Moulden goes on to say "This is obviously a bad business practice and is grossly unfair on the consumer. No wonder the industry has such as poor reputation. While we are not a cheap solution, we are fair open and honest and really do want to help enhance the reputation of the industry."
Kieran Moulden, Managing Director
Fidelity Works Ltd, T/A True Blue Loans
Building N1, Blois Meadows Business Centre
Steeple Bumpstead, CB9 7BN
Video Link: http://fidelityworks.wistia.com/medias/4v9ez8ipvi
Logo Link: http://www.trueblueloans.co.uk/img/logo.png
SOURCE True Blue Loans