Donít be put off by the APR figures when it comes to pay day loans
Website owner hits back about high interest rates in which pay day loan lenders charge their customers.
Payday loan comparison website owner Kevin Walker has hit back at MPs who claim that payday loans companies are just legal loan sharks. The argument has arising due to MPs and the press giving payday loan lenders a hard time due to the high interest rates in which they charge their customers.
In recent months payday loan lenders have been giving a rough ride as they have been criticized for the huge APR figures in which customers are being charged to borrow money.
Kevin said ď Pay day loans are a short term loan one to three months at the maximum, APR figures are calculated over a 12 month period, so when it comes to APR figures of course they would be high, the shorter the duration of the loan the higher this figure will beĒ.
If you are thinking about taking out a short term loan, do not be put off buy the APR figure instead pay special attention to the fee charged, this will be clearly displayed on all the payday loan lenders websites.
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