Carl Packman: High-Interest on the High Street

Written by Carl Packman Tuesday, 31 July 2012 13:51
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Carl Packman is a writer, researcher and blogger. He is the author of the forthcoming book Loan Sharks to be released by Searching Finance.


He has previously published in the GuardianTribune Magazine, The Philosopher's Magazine and theInternational Journal for Žižek Studies.


Turn on the telly during the daytime and you are very likely to see adverts informing you about PPI claims or payday loans.


Now there are a new bunch to be aware of: 12-month, high-cost, unsecured loans at rates of interest of up to 278 per cent – meaning that repayments will already be over twice the amount you have borrowed, and that excludes fees and penalties that might be incurred (Pounds to Pocket, for example, charge £12 for their penalty fees).


That these companies are advertising expensive loans over a year, with no credit checks, and where the money can be in your account in ten minutes, shows another failure in the mainstream banking sector to offer sensible loans to consumers.


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Last modified on Tuesday, 31 July 2012 18:12

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