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Some banks charging more than payday loan firms

Tuesday 15th October 2013 at 08:13


‘Some banks are charging customers more than payday lenders to borrow money – up to £100 in charges and interest to borrow £100 for one month – a study shows.

The charges levied by high street banks are “eye-watering”, campaigners said, and consumer groups are now calling on the UK government to extend a clampdown on excessive charges aimed at payday lenders.

The research found that borrowing £100 for 31 days will cost £30 with a Halifax authorised overdraft or £20 with some Santander accounts, while borrowing the same amount for about a month with a payday loan firm such as Quickquid or Wonga costs between £20 and £37.

For people using the Santander Everyday account and Halifax Reward current account, it can cost £100 in charges for going £100 into an unauthorised overdraft for a month, the research said.’

Read more: Some banks charging more than payday loan firms

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Informative post. Well, if people start saving as soon as they start earning, they won’t get stuck in such situation. I have just started earning so it is the right time for a good saving plan. I would talk to the Las Vegas certified financial planners group for my annual financial plan.
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