Firms go it a loan
The Sun, 13 Mar 2013
One in six microbusinesses is forced to take a payday loan because banks refuse to lend to them, it emerged yesterday.
Just 20 per cent of microbusinesses — defined as those with less than ten workers — were started with a bank loan, according to the poll by AMIGO LOANS, the UK’s largest guarantor loans company. Some 13 per cent even resort to borrowing from family or friends.
Payday loan companies offer short-term deals, some at rates of more than 4,000 per cent.
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