How to find a loan shark

Look for the man with the baseball bat accompanied by ‘Terry’ the minder; sorry read Bentley convertible and Cartier watch, accompanied by Harry the martial arts expert. He may well be operating in a pub near you.

 

“Ok, payday loans are no longer viable since the interest rate cap and absolute maximum on charges was introduced at the start of the year. This means payday loans will dry-up and the loan sharks will take over”.
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Is big best? We don’t think so.

We have noticed a couple of the bigger Guarantor lenders, including Amigo, are not offering the most flexible and therefore cost effective options to potential borrowers. So take Amigo for example; you can now only borrow in increments of £250 and periods of whole years; 1,2,3,4 or 5 years.

 

This means if you wanted to borrow, say £1,300 over 14 months, you would have to chose £1,500 over 2 years. Cost in interest £725.28
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