The Bournemouth-based mortgage broker believes that many consumers have an ill-advised belief that paying back a payday loan actually improves their credit rating.
He said: “It seems to be quite common that people don’t realise that if you get a payday loan you ruin your chances of getting a residential mortgage in six years.”
Ashley-Roche has recently run into problems with a customer who took out a Wonga loan of £350 in January with the intention of improving his credit rating, despite having money in the bank.
And few lenders will now take on the borrower while Ashley-Roche said he has to wait until May 1 this year before helping the client take out a mortgage.
As such Ashley-Roche believes that payday loans should come with a compulsory credit rating warning.
He said: “It would be so simple if it said when taking out a payday loan that they would have to say ‘this could affect your credit rating’.
“Because Wonga is made to look so easy people are going there without being aware of how this is affecting their credit rating.”