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Saturday, 23-Apr-2011 16:03 Email | Share | | Bookmark
Banks Still Not Lending As Quid Loans Online Increase in Popular

It may seem not possible for you to get a same day loan with your local bank, but it is probable to get such loans even with online payday loan business. As banks tend to make lending laws not appropriate with people whose ability to repay loans are dubious, like people with bad credit score, industry that matter easy credit have given succour to a lot of such persons. But the underlining truth about simple credit industry is that it tends to exploit borrowers subtly.
Online payday lenders under more scrutiny
With a lot of borrowers fixed in the web of repaying loans gotten from these firms, the government is looking in the direction of capping on the interest rates these firms come up with for borrowers. A recent study in Britain reveals that over one million Britons weather their financial storm with simple credit facilities that charge up to 2,500% on Annual Percentage Rate (APR). As has been investigated in Britain, online payday loan firms have been on the rise over the years. Such rise has been credited to the fact that while for Canada and many states in the United States of America, maximum repayment of loan has been imposed, the industry has been left to run wild in Britain without any form of intervention on repayment. This observation was made by Stella Creasy, who happens to be the Labour Party MP proposing the motion of introducing a cap on interest rates for short-term loans in the United Kingdom. She also happened upon a Briton in her electorate who was under nine different loans outstanding even from same payday loan firm.

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