The Government is expected to drop small and medium-sized business lending targets in the face of evidence that lending to SMEs is down despite the Project Merlin initiative, and in fact the number of small loans being made across has declined across the board.
Labour MP Stella Creasey had been calling on the government to take action over instant cash loan companies by capping the interest rates they charge.
Payday loan companies have faced a new salvo fired by detractors, with claims that the industry is decidedly Grinch-like this festive season and that lenders ‘don’t believe in Christmas.’
Banks are finding it a struggle to raise money to provide quick loans for their customers, leading to fears of an additional credit crunch gripping the UK.
Hard up Brits living in the Sandwell area might be interested to learn that the 6Towns Credit Union is soon to start offering cheap short term loans.
With one of the biggest criticisms of short term loans being their exorbitant interest rates, many providers of quick loans have published a comparison chart that highlights the relative cost of such a loan with a bank overdraft.
According to one debt advisory service, debt levels from short term loans has increased by a factor of four over the past two years.