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Loan charges: Coast & Country warns people away from payday lenders

Individuals who find themselves in dire financial straits should know that there are better options than using high interest cash advance firms, according to a not-for-profit local housing organisation.

Coast & Country chief executive Iain Sim explained how many households are struggling to make ends meet, particularly as the price of food and utilities continue to increase.

"It is understandable that they may be tempted to try to make ends meet by using money lending websites such as Wonga, Payday Loans or QuickQuid," he said.

"However, in just a few clicks of a mouse, they are likely to find themselves in even more dire financial straits as some charge an interest rate of more than 4,000 per cent APR."

He recommends people with money troubles go to more affordable alternatives, such as community banks, otherwise known as credit unions, where they are unlikely to be hit by sky-high loan charges.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801527672-ADNFCR

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