Affordable loans plan to combat loan sharks
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29 September 2010
http://www.which.co.uk/news/2010/09/affordable-loans-plan-to-combat-loan-sharks-231001/
This is a link to a Which? article about a new loan scheme. I also heard the same references on the radio etc.
Whilst it's admirable for them to want people not to get involved with loan sharks and pawn brokers etc offering PayDay loans, the rates they are quoting are far from admirable.
Here at Credo our whole ethos is about service and competitive rates, an APR of 29.9% rising to 49.9% is hardly competitive.........I'm not sure what their credit underwriting criteria is like but to my mind a credit card is a better proposition that this. Where is all the profit going???
Certainly if any of the cash is required for cars, I would suggest using a finance broker as even our most sub prime rates are not as bad as their minimum rates on offer.
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