- 13
- Jul
It has been revealed that the proposal to put a cap on high interest rates has been rejected. This means all the people in the UK that are short of money are being warned against opting for a payday loan because they are so risky.
Payday loans are aimed at working people who are struggling with money and need a bridging loan until their next payday. Campaigners are worried that these loans are becoming easier to access and therefore more and more households are risking financial ruin.
The typical amount borrowed with a payday loan is between £100 and £300 depending on the money you earn it could go up to as much as £1,000.
These loans should only be used as a last resort. Should you need to keep renewing your payday loan each month this would suggest that you have a greater debt issue that needs addressing with a better solution.
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