Something that really annoys me lately are these companies are offering loans and cash advance, they are on TV adverts, newspapers and even on the high street. These companies try to entice people to borrow through catchy adverts and the promise of cash quickly.
I understand the need for money lenders, but I find it hard to understand how these companies are allowed to charge APR rates of over 1700%! I just feel that in these difficult times, with cuts being made everywhere, that this type of loan is dangerous for low earners who are struggling.
I would like banks to be prepared to lend small amounts of money to people with lower credits rating, in the hope to steer them away from these lending companies who cash in on them.
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