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!
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