GE cash declines mortgages to pay day loan borrowers
Pay day loans provide borrowers cash that is instant but at sky-high interest levels. Photograph: Alamy
Mortgage company GE cash says it does not provide to candidates that have removed a quick payday loan through the past 3 months, also whether they have compensated it straight back on some time without issue.
GE, a sub-prime loan provider which specialises in lending to individuals with tarnished credit documents, will even reject anyone who has removed a couple of loans during the period of the past 12 months, but away from past 90 days.
In a declaration, it stated: " As an accountable loan provider in a challenging market, we review a selection of information in order to make wise home loan financing decisions. Pay day loan information is one of the most significant things most notable review, if a home loan applicant has an ongoing, or had a recently available, cash advance, it's not likely that individuals will think about their home loan application."