A report by insolvency trade body R3 has just revealed that potentially five million British adults are tempted to take out a short-term loan over the next six months.
These loans may be short term but they are high cost and can result in alarming interest rates of more than 1,500%.
If you are considering taking such a loan be warned to read the small print very carefully first and not make a hasty decision.
Also remember loans snare people into cycles of debt and however desperate people are now, their situation will only worsen with more debts they cannot pay!
Breaking local news as it happens, searchable archives with photographs, the ability to instantly comment on news articles – there are so many advantages to OTS (Onthespot) News.
Onthespot – your online reporter www.onthespotnews.co.uk Do you have a story to tell?
Please text or phone 07930717137 or email firstname.lastname@example.org
Follow OTS (Onthespot) on Twitter www.twitter.com/onthespot_news