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Payday loans

What Are Interest Rates Anyway – And How Do They Work?

The Interest Rate on a Loan

Most people are familiar with how basic interest rates on loans are calculated. Anyone who knows how to figure out a percent discount can easily determine how much interest will be paid on a simple loan. For a loan with 10% interest paid on a balance of £100, ‘£100 x 0.10 = £10.’…

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Payday Loans – An Evil Financial Service Crying Out for Regulation

Payday loans – sometimes called same day loans – are one of the fastest growing sectors in the financial industry. And one of the most dangerous. The idea was imported from America, and the past five years has seen demand skyrocket for these products. By their very nature, these loans tend to be targeted at people on lower incomes or those who already have a blighted credit history. But in …

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