Thursday, 17 October 2013, 12:44 pm Column: Oily Rag Column - Payday loans By Frank and Muriel Newman Living off the smell of an oily rag is all about being frugal with one’s money. That means being sensible about borrowing. Central government is currently reviewing consumer credit laws, and this has awakened media interest in the scandalous Payday Loan industry, which has grown exponentially in recent years. Payday loans are short-term unsecured loans of small amounts that are intended to get the borrower though to the next payday. They generally have a maximum term of a month or two. According to the website of these lenders, the loans are typically used to pay for...
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