Headlines trumpeting astronomical interest levels and tales of payday loan providers preying on vulnerable borrowers are вЂњlies, damn lies, and statisticsвЂќ, says Gary Miller-Cheevers, CEO from speedeloans.
In a declaration released today, Mr. Miller-Cheevers describes: вЂњThere are lots of misconceptions about payday loan providers and lots of strange statistics which are interpreted negatively to portray all payday loan providers while the guys that are bad. While we accept that sadly there are numerous unscrupulous loan providers available to you, utilized responsibly, this type of borrowing could be an economical method of accessing a term loan that is short.
вЂњThe press like to bandy across the APRвЂ™s that the OFT make us quote, and phone them interest levels of 3,000per cent to 4,000percent. This can be absurd. This means that when an individual borrowed ВЈ250, they’d owe ВЈ7,500 to ВЈ10,000!