Payday loan providers charge as much as 60 times a lot more than real price of loan

Analysis has shown that 60% of people that took down an online payday loan have regretted your choice. Photograph: Richard Saker for the Guardian

The genuine expense of lending to short-term borrowers is lower than 2% associated with quantity charged by Wonga, the highest priced and highest profile lender that is payday.

My Residence Finance, a not-for-profit organisation put up because of the federal federal federal government plus the nationwide Housing Federation this year, charges a representative APR of 69.9per cent, simply 1.66percent associated with 4,214% APR charged by on line loan provider Wonga. Читать далее Payday loan providers charge as much as 60 times a lot more than real price of loan