In an astonishing first, lovemoney.com defends the costs and prices charged by loan sharks. That is because several high-street banking institutions are much worse.
IвЂ™ve been a economic journalist since January 2003. During this time period, IвЂ™ve condemned numerous poor-value financial loans, specially re payment protection insurance coverage, extended warranties, shop cards, as well as other rip-offs that are high-street.
We never likely to try this.
Today, within an u-turn that is abrupt IвЂ™m going to praise (instead of denounce) payday-loan providers. As a result of their mega-high rates of interest, these short-term loan providers are usually lumped as well as loan sharks. On the other hand, a few leading banks that are high-street payday-loan providers, home-credit loan providers and loan sharks look absolutely charitable.
Forget. Be really afraid!
The high-street loan sharks
As an example, right right hereвЂ™s a situation where youвЂ™d be kilometers best off planning to a payday-loan provider (or simply also that loan shark?), in place of a bank that is high-street.