Speedeloans says misconceptions over payday loan providers are “lies, damn lies, and data”

Speedeloans says misconceptions over payday loan providers are “lies, damn lies, and data”

Headlines trumpeting astronomical interest levels and tales of payday loan providers preying on susceptible borrowers are “lies, damn lies, and statistics”, states Gary Miller-Cheevers, CEO from speedeloans.

In a declaration released today, Mr. Miller-Cheevers describes: “There are lots of misconceptions about payday loan providers and plenty of strange data which can be interpreted adversely to portray all payday loan providers while the criminals. While we accept that sadly there are lots of unscrupulous loan providers on the market, utilized responsibly, this type of borrowing may be a economical means of accessing a short-term loan.

“The press want to bandy all over APR’s that the OFT make us quote, and phone them rates of interest of 3,000per cent to 4,000per cent. It is absurd. It indicates that when an individual borrowed ВЈ250, they’d owe ВЈ7,500 to ВЈ10,000!

“Clearly no lender that is responsible charge this with no debtor would spend this . however it simply shows exactly just how numbers is manipulated to make headlines that are shocking! Continue reading