earlier in the year there was a campaign to end payday and log book loans, i've just had a quick look and i cannot find the e-mail, i guess i didn't save it.
it used an example of a payday loan borrowed in the middle of the month, with an apr of around 900% calculated daily, payment at the end of the month would have required the whole of the wages and another loan to pay it back.
that may have been worse case scenario ... but it shocked me ... i notic there is an advert on tv at the moment, that says 'payday loans are not to be used as a long term financial solution' is that an attempt at being a responsible lender?
as for credit, it could be a whole lot eaiser to get credit, if we had more credit unions operating throughout the UK.
if i find the e-mail, i'll paste it in here as a comment.