Savers are being wooed with the chance to earn top rates on their cash by offering it out as payday loans. A new money exchange website takes savers’ money and pays them a rate of up to 12 per cent. But in turn it then lends that money out as short-term loans with rates as high as 2,465 per cent. The Lending Well is the latest to join the growing ranks of so-called ‘peer-to-peer’ companies which let borrowers bypass banks to take money directly from individual savers and investors instead. Justin Modray, founder of advice website Candid Money, says: ‘These types of organisations are by no means an alternative to ordinary savings accounts. ‘With this, you are essentially becoming a payday lender — and some people may feel uncomfortable with that.’....Read more here