Payday and short-term lenders are additionally burying charges and interest levels
Pay day loan along with other lenders that are short-term still charging you borrowers INCREASE the amount lent in interest and costs.
Back January 2015, city watchdog the Financial Conduct Authority (FCA) capped the total amount cost that is high companies could charge.
Under its rules, borrowers never need to repay significantly more than double exactly just exactly what they initially borrow.
But four years on and a study because of the Mail on Sunday reveals that numerous loan providers are nevertheless asking borrowers the optimum – or near the optimum – permitted.
LoanPig borrowers, for instance, will repay an impressive ?2,000 for a ?1,000 loan applied for over half a year.
While Lendingstream, Sunny, PiggyBank, Mr Lender, and Satsuma all fee near the maximum ?1,000 allowed on a ?1,000 loan. Czytaj więcej about Pay day loan borrowers nevertheless being charged DOUBLE the quantity lent …