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Exactly exactly How payday advances can get free from hand

Exactly exactly How payday advances can get free from hand

Before Wonga collapsed – one of many UK’s biggest providers of pay day loans – there have been samples of providers charging APRs of more than 5000per cent. This implies, you could end up paying over £5,000 if you took out just £100, the interest on this loan would mean.

Nevertheless, the Financial Conduct Authority implemented brand new guidelines prohibiting such rates that are high.

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