Consumers told to beware of doorstep lenders and loan sharks
(19 December 2005)

Loan customers have again been warned to steer clear of unscrupulous doorstep loan purveyors this winter, with some people particularly susceptible to being charged extortionate amounts of interest if they don't have access to affordable credit.

Some doorstep lenders are charging as much as 600 per cent interest, while loan sharks are often collaring people for far more – with one individual convicted in Birmingham recently for charging customers an amazing 8,000 per cent.

Jon Rouse, chief executive of the housing association, warned that some of these deals – especially when committed to over the medium or long term – could put people's very homes at risk.

He said: "At Christmas, every parent is under the same pressure to make it special for their children. But if they borrow from doorstep lenders, they risk the roof over their heads in return for a day’s happiness."

Don't risk your livelihood just for a loan – but do look for a reliable service grounded in integrity if you still require one to see you through to the new year. A payday loan is safe, quick, won't cost the earth with repayments of up to £25 for every £100 lent, and won't leave you in a financial hole in several months' time.



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