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23 March 2010

Are payday loans serving a real need?

I read this article on the Daily Mail - http://www.dailymail.co.uk/money/article-1249827/3-000--banks-new-loan-sharks.html It coincided with this claim that payday loans are now mainstream: http://www.paydaybank.co.uk/news/?p=83 Apparently bank overdraft charges and penalties make banks more costly than payday loans. What I do know is that getting a small short loan is practically impossible from most banks if you have a low credit score - believe me I've tried! So the question I'm asking is are payday loans offering a real service to customers in need of small loans where the state owned banks are too greedy to lend? A hot topic I know, but I'd appreciate your comments. Tom

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