From This is Money
''Almost half of the penniless
borrowers who in their desperation turn to payday lenders for a quick
cash fix can't afford to pay the loan back, while a third take out the
loans knowing they cannot fulfil them, a report claims.
Hard-up
families are turning to short-term loans with interest rates as high as
4,214 per cent to pay off their bills, pay for rent and even to buy
food.
And research from
Which? has found that 48 per cent of borrowers find they cannot afford
to repay their payday loans after getting the credit and, incredibly,
almost a third make a short-term loan application KNOWING they cannot
pay it back.''
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