Britain is facing the same scrutiny the US is facing regarding payday loans.
Payday Lending in Britain also charge high interest rates. This leaves many of Britain citizens struggling to repay their loans.
These loans have been dubbed a legalized form of loan sharking. Many people feel that these lending companies prey on the less fortunate and wring every last cent out of their victims.
The Daily Record Printed Proof
The senior boss at Cheque Centre encouraged consumers to get deeper into debt by offering refinancing of the same loan with a high interest rate. If the consumer does not pay the loan back when it is due, they will have to rollover the loan and pay additional interest.
The Government in UK have not done a great job with putting restrictions on the payday lending industry. It appears that there is no desire to place restrictions on firms that handle payday loans.
The interest rate should be lowered to what people can afford. If this ever happens, the payday lending business would no longer be in existence.
An employee from Cheque Centre quit in protest at the firm’s “utterly indefensible” business practices.
If a payday loan is your only option, don’t forget to pay it back when it becomes due. Do not take a loan out if you don’t need it.
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