Jul
02
2009
Watchdog probe of high cost loans industry
Posted by: in Payday Loan, tags: April, Chief Executive, Excerpt, High Interest Rates, Income Consumers, Incomes, John Fingleton, Lenders, Loan Sharks, Payday Loans, Random, Short Periods, Short Term Loans, Struggle, WatchdogRandom Feed wrote an interesting post today on
Here’s a quick excerpt
The Office of Fair Trading has launched a review of the £35 billion high cost loans market. These are loans often for small amounts over short periods with high interest rates, which are typically aimed at people on low incomes. As were wrote here in April, some of legal lenders charge more than loan sharks for short term loans, aka payday loans. John Fingleton, OFT chief executive, said: “Low income consumers struggle to access credit and frequently have to resort to expensive, high
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