Keep on top of payday loan interest charges
17/02/09
With the ever increasing pressures on the consumer many individuals are finding these tough economic times difficult with even the basic day to day spending. Many individuals are turning to loan sharks or pay day loan providers to find extra cash to survive.
Around 64 per cent of Brits have to think twice before they spend and make sacrifices prior to receiving the wages as a result of not having any money.
For many obtaining a payday loan is the easiest solution as the application process is generally hassle free and the numbers of checks are kept to a minimal. However, it is important to take into account the interest charges you could end up paying.
A recent report undertaken by Conservative shadow minister Grant Shapps has highlighted many cases where consumers are were paying through the roof interest rates that vary from 1286% to 2100%.
He also commented “As the Bank of England slashes interest rates close to zero, we think it is obscene that anyone should end up paying 10,000 per cent APR, particularly when the evidence suggests that these loans are targeted at some of the most vulnerable members of our society”
