Confused.com says current account interest rates more manageable than payday loans
www.moneynews.co.uk > Banking > Confused.com says current account interest rates more manageable than payday loans
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Confused.com says current account interest rates more manageable than payday loans
Mon 13th Sep 2010
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Sharon Flaherty, site editor at the website, noted that a payday loan can be more cost-effective than an overdraft if it is paid back in full when a person is next paid.
However, if the money is needed for a longer period then it is better for people to consider other options, such as an overdraft.
"Borrowing for even six months from a payday lender would cost more than double the original amount borrowed, over 100 per cent interest, in real terms," said Ms Flaherty.
In her opinion, this suggests such products should "absolutely" not be used for long-term borrowing.
Last week, Moneyfacts revealed that 26 per cent of UK current account overdraft rates have been increased in the past 18 months, with the most significant rise being on Barclays Additions Active product, which went up by 8.4 per cent.
Click here for more banking news
Related News : Banking |
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Related News : Confused.com |
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