Overdraft is more expensive
February 12, 2010 | alternatives, industry, international | Comments (0)Even in Great Britain. From the story:
Payday loans have recently come under fire for charging interest rates of more than 3000% but an investigation has revealed that unauthorised bank overdrafts carry even higher charges.
The UK’s part-nationalised banks can be more expensive than going to a payday loan company, who charge high interest rates for short-period loans.
Lloyds TSB, which received support from the government through the recession, would charge £216.32 interest on a customer’s current account if they were overdrawn by £150 for 10 days.
Nice to see even the British are waking up to this.
Comments»
No comments yet.