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Over a million in hock to lenders

This article is over 11 years, 10 months old
Four times more people are being hooked by crushingly expensive "payday loans" than in 2006, a report has revealed.
Issue 2215

Four times more people are being hooked by crushingly expensive “payday loans” than in 2006, a report has revealed.

More than a million people have borrowed £1.2 billion through lenders who charge interest rates that work out higher than 2,000 percent annually.

The average payday loan is £294. Many people on very low incomes take out multiple loans a year, relying on them to pay bills month-to-month.

Borrowing £294 for a year can end up costing £5,880 to pay back at payday loan rates.

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