Millions move to pay day loans, claim insolvency professionals

Millions move to pay day loans, claim insolvency professionals

Millions of Britons are going to sign up for a loan that is high-interest the following half a year to endure them until payday, a group of insolvency specialists claims.

R3, which represents «professionals working together with financially distressed people and organizations», bases its claim on interviews with 2,000 individuals.

John Lamidey, of this customer Finance Association, which represents cash advance businesses, disputed the numbers. […]