Payday loans promise easy access to cash for short periods. But they can charge £80 for a £300 loan for a month.
Updated 7th December 2011
According to a survey by R3, around three million people are expected to take out a payday loan in the next six months. The payday loans industry disputes the figure, saying only a million people have payday loans. However, there's no doubt that business is booming. It’s in part due to the rapid growth in the number of online payday loans providers, which promise an almost instant decision on your loan (and money in your account in less than an hour).
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