Rate ‘con on loans’

The Sun, 14 Jan 2013

One in six payday loan firms is conning customers by displaying misleading repayment costs on their website, researchers claim.

On average they showed rates around 600% LOWER than their actual Annual Percentage Rate (APR), a study found.

Amigo Loans, which checked 33 sites, said firms had either miscalculated or were charging hidden fees, including costs for late payments and early repayments.