Overdrafts Are More Expensive Than Payday Loans
Payday loans have been heavily criticised in the media, charging representative APRs of anywhere between 1,000% to 6,000% before the FCA imposed a cap on these costs in 2015. This cap was placed to safeguard borrowers from being charged interest rates of over 0.8% a day. Whilst the payday loans sector have received much negative […]