Facts and stats on payday loans
The Office of Fair Trading's report on payday loans included figures that provoked several sharp intakes of breath.
Debt Advice Foundation and others had been shouting for a very long time about the scandalous fees and interest rates that come into play when a pay day loan is rolled over. But for the first time the OFT demonstrated that 50 per cent of payday lenders' revenue came from the 28 per cent of loans that were rolled over.
The Office of Fair Trading's report on payday loans included figures that provoked several sharp intakes of breath.
Debt Advice Foundation and others had been shouting for a very long time about the scandalous fees and interest rates that come into play when a pay day loan is rolled over. But for the first time the OFT demonstrated that 50 per cent of payday lenders' revenue came from the 28 per cent of loans that were rolled over.
Hilary Osborne, editor of guardian.co.uk's money site, pulled together some facts and statistics that paint a stark picture of the payday loans landscape.
To see them, go to: http://www.guardian.co.uk/money/2013/mar/06/payday-loans-industry-numbers
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