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!

Submit News

Contact us with your community, business or sport news. Phone 07930717137   Email ots@otsnews.co.uk   Twitter www.twitter.com/onthespot_news

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.

If you want your news read locally online then send it to press@otsnews.co.uk – relying only on the newspaper is to restrict yourself to an ever reducing audience. www.callots.co.uk

Onthespot – your online reporter www.onthespotnews.co.uk Do you have a story to tell?

Please text or phone 07930717137 or email ots@otsnews.co.uk

Follow OTS (Onthespot) on Twitter www.twitter.com/onthespot_news