The companies that loan people money then add on sky high interest rates might claim to be doing people a favour by offering them the chance to have instant cash.
Instead, they are crippling the poor with debt. So says the Competition Commission which will quickly and clearly point out that what these outfits are doing is plain wrong.
What these companies have become, the commission is likely to tell you, is sharks – predators which prey on the most vulnerable in society because they earn the least and have no other way of gaining credit.
It is a sad fact that time and time again these outfits are reportedly charging up to 1000% interests per year for loans. Thats what the Competition Commission is telling us, despite how unbelievable it might sound. Let us for a minute put this into context. The more reputable firms charge 177% and that figure in itself is unbelievably high.
The worst part is there are supposedly 2m Britons buying into these sorts of arrangements. This is for the sole reason that they have little money and the outfits who lend cash on your average high street would never dream of letting them through the front door.
But...
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