The eye-watering interest rates payday loan providers charge their customers, sometimes as high as 4,000 to 6,000 per cent or even more, are sinfully high, according to the bishop of Durham.
Stop right there!
If you're considering taking out a payday loan, watch this video before you do anything else.
To reveal the real truth about payday loans, what they should NOT be used for, and to discover the little known trap the payday providers want you to fall into, click play below.
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Payday lenders charging as much as 6,000 per cent
Payday advance lenders found to be charging as much as 6,000 per cent interest – and in some cases even more – were labeled as “greedy” recently by government ministers.
Wonga announces lending shift to small businesses
Ever ready to lend a helping hand to anybody who is hard up for cash, the well known payday loan company, Wonga, has just launched a new initiative to make its loans available to small businesses – or SMEs – as well as its ordinary customers.
Major payday loan provider launches SME lending service
One major payday loan provider in the UK has recently announced it is launching a new lending service specifically designed to provide credit to small businesses, remarking that the gap left by traditional lenders needed to be filled in order to foster the kind of economic growth that has been absent since high street lenders have scaled back their access to credit.
Payday loan company warns of potential fraudsters
The payday loans company “Lending Stream” has put out a public warning to customers and the general public about the increasing possibility of fraud perpetrated by people who pretend to be legitimate payday loan or personal loans lenders.
New initiative to counter “loan sharks”
In an effort to counter the influence of payday loans companies and so called “loan sharks”, a former councillor in Leatherhead has helped to set up a credit union.
New credit union slated for Leatherhead
One town in the South East is soon to have its own credit union thanks to the aid of a former councillor concerned with the amount of companies offering high interest rate short term loans to economically disadvantaged residents, experts say.
Church groups call for campaign to ensure a payday loans cap
Church groups have called for a campaign to ensure that the amendment to the Financial Services Bill tabled by Walthamstow MP, Stella Creasy, gets approved when the bill gets its second reading in the House of Parliament next month.