I AM astonished at the way "loans" are being flogged. You can walk into any store and buy "anything" - but you will pay nearly 30 per cent interest.
That is £30 on every £100 pound borrowed. How can that be justified when the bank rate is four percent, and savers, who provide the loan capital, are lucky to receive 50p in the pound interest?
I have watched TV adverts, for firms whom you can call up, as a house owner, and borrow money over the phone, or as they say consolidate all your debts into one loan, with "easily affordable repayments."
From the growing number of adverts it would seem people are throwing themselves at these loan companies. Can they not do simple maths? Can't they calculate that they are being "mugged" over their own telephone?
N TAYLOR,
Worcester.
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