ABCUL warns people looking for debt relief about payday loans
www.moneynews.co.uk > Loans > ABCUL warns people looking for debt relief about payday loans
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Money News |
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ABCUL warns people looking for debt relief about payday loans
Tue 17th Aug 2010
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Mark Lyonette, chief executive of ABCUL, stated that this type of loan can be attractive to consumers at first.
However, he said they can ultimately turn out to be a "very expensive choice".
"A typical payday loan can cost £20 for each £100 borrowed," he commented.
"It can be tempting to roll this loan over - and this greatly increases the cost."
Mr Lyonette has therefore suggested that consumers take the time to look at how best they can manage their finances.
He said budgeting is one good option to consider, before flagging up credit unions as a safer and more affordable alternative to payday loans.
Mr Lyonette was speaking after a report by Consumer Focus revealed that in the last four years, the number of people taking out payday loans has quadrupled.
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