A current wave of credit firms is offering ‘medium-term’ loans at hefty APRs of up to 1421% The worst of the payday lenders,famed for offering short-term loans at sky-high interest rates, may occupy faded absent, or but vulnerable consumers are still being targeted with offers of loans with four-figure APRs.
The medium-term loan market,where money is lent for three to 12 months, is thriving with some lenders charging well over 1000%, or frequently to those on the lowest incomes,or unable to borrow from the traditional banks. These loans appear to work on the same premise as payday loans – a fast online or mobile application process, and money in your account quickly.
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Source: guardian.co.uk