UK: ''Hard-up families are turning to short-term loans with interest rates as high as 4,214 per cent to pay off their bills, pay for rent and even to buy food''

To contact us Click HERE
From This is Money

''Almost half of the penniless borrowers who in their desperation turn to payday lenders for a quick cash fix can't afford to pay the loan back, while a third take out the loans knowing they cannot fulfil them, a report claims.

Hard-up families are turning to short-term loans with interest rates as high as 4,214 per cent to pay off their bills, pay for rent and even to buy food.

And research from Which? has found that 48 per cent of borrowers find they cannot afford to repay their payday loans after getting the credit and, incredibly, almost a third make a short-term loan application KNOWING they cannot pay it back.''

read more