Usually there’s no dearth of horrible news when it comes to payday loan companies doing their best to drive you mad, but the past week or so has featured high street lenders.
As if having to see payday loan adverts on Red or Black? wasn’t bad enough, now Wonga is considering a foray into the mortgage lending market sometime in the future.
Lenders are scrambling to slash the interest rates on their cash loans ahead of a rumored drop in the Bank of England’s base rate that is supposedly looming on the horizon.
While the Bank of England hasn’t done so yet, the writing is on the wall – the base rate may drop by 0.25 percentage points by the end of the year, bringing cheaper loans.
If you’re in a financial bind that sees you having to make the choice between using a payday loan provider or seeking out your local credit union, the decision should be a no-brainer.