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Overdrafts more expensive than payday loans, says Which?
Overdrafts more expensive than payday loans, says Which?
This is a duplicate of the Blog Entry made on: 9th July 2016 12:51
This is a duplicate of the Blog Entry made on: 9th July 2016 12:51
Borrowing money on an unarranged overdraft from your bank can be more expensive than taking out a payday loan, says consumer group Which?
Anyone who borrows £100 for 28 days from a payday lender now faces a maximum charge of £22.40. But going overdrawn without agreement from your bank can cost as much as £90, according to Which? The banks argue that unarranged overdrafts should be a last resort, as they offer far cheaper ways to borrow. Concern about the cost of overdrafts was expressed by Andrew Tyrie, the chair of the Treasury Select Committee, earlier this week. He wrote to 13 UK High Street banks, asking them to come clean about charges, particularly for unauthorised - or emergency - lending.....Source Here
Anyone who borrows £100 for 28 days from a payday lender now faces a maximum charge of £22.40. But going overdrawn without agreement from your bank can cost as much as £90, according to Which? The banks argue that unarranged overdrafts should be a last resort, as they offer far cheaper ways to borrow. Concern about the cost of overdrafts was expressed by Andrew Tyrie, the chair of the Treasury Select Committee, earlier this week. He wrote to 13 UK High Street banks, asking them to come clean about charges, particularly for unauthorised - or emergency - lending.....Source Here