Tuesday, February 01, 2011

Everything you need to know about Capping the Cost of Credit

Check out here the site of Walthamstow MP, Stella Creasy, and her campaign against the misery of the modern day tallymen.

These "payday, doorstep and hire purchase lenders"...used by around three million people in Britain... One in ten UK payday customers have incomes of less than £11,100 per year...The APR for payday lenders often begins at 600% and can escalate to 2,500% or more. And home credit lenders, who make home visits in order to collect repayments for their short-term loans, can charge £82 in interest and collection charges for every £100 lent..."

When you think it is possible to get loans from credit unions for as low as 12.68%....

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