Friday, December 28, 2012

Payday Loans? Hopefully only the turkey will get stuffed this Christmas

I first saw this excellent poster in the window of the North Wales Credit Union branch in Denbigh. Check out their press release on the Christmas rip off here.

It shows up what thieves Payday loan companies are and how they exploit the poor and vulnerable.

You would pay over 4000% APR interest on a 38 day £400 loan from Wonga or 26.8% APR from a credit union loan over a year.

If you paid the £400 off over a year then you would still pay over £100 less in interest than with Wonga in 38 days.

Good luck to Stella Creasy MP and her #Sharkstoppers campaign.

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