After recent investigations into interest rates and annualised percentage rates, or APR, it is clear to see that Payday Lenders are not the Villains they are constantly made out to be. Research by Radio 4’s Money Box programme has in fact revealed some shocking truths regarding High Street banks and we feel it only right to inform our customers of these realities.
According to research some banks are charging an equivalent APR of nearly ONE MILLION PERCENT, whilst Payday lenders charge no more than 5,000%. Two banks guilty of charging such extortionate amounts are Lloyds TSB and Santander. So, to break it down a bit, a Santander customer who goes over their overdraft limit by borrowing £100 for 28 days may end up repaying a grand sum of £200, an equivalent APR of a whopping 819,100%. This seems extremely unjust when compared to Payday Loan companies who charge a maximum of £42 for the same sum of money over the same time period, with Cash Genie charging a reasonable £30 which can be further reduced if you get your hands on a ‘Promo Code’.
High Street Banks APR’s are just too high forcing people into debt, with some banks charging what they call a ‘usage fee’. By this I mean that customers are dipping into an overdraft they may or may not have set up with their banks and immediately being charged for it. The problem here is that the majority of the time customers are unaware assuming that the credit or debit card will simply be declined when the limit is reached, this however is NOT the case. It seems that banks such as Lloyds TSB, Natwest and Halifax charge an interest of up to £5 a day or charge an immediate penalty amount of up to £30 on overdraft amounts as small as 80p leading to customers being hundreds of pounds in debt.
After reading article which you can download in full by following the link http://www.bbc.co.uk/news/business-16002022 it would seem a great deal of blame can be placed on banks with regard to rising debt. Unfortunately a payday loan from CashGenie is not free money and must be paid back. However, if you are suffering from low funds this month for example, car troubles, bill troubles, or perhaps an important event coming up, it is one of the best ways to get the cash you need in a short amount of time.
Apply online today at http://www.cashgenieloans.co.uk using Promo Code ‘4949’ for a great saving off your loan.
