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Desperate borrowers who have been forced to turn to payday lenders are being hammered with sneaky fees and interest charges on top of sky-high rates. In some cases, charges are so onerous the size of a debt can triple within just a few months. In the past year, an estimated three million people have turned to payday lenders. These firms charge interest at eye-watering rates of up to 14,348 per cent and promise to pay cash into a bank account in minutes. By law, they must show the cost of the loan in the form of an annual percentage rate (APR).....Read more HERE
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