Illegal lenders are getting a lot of press recently. I was never really aware of illegal lenders until the papers and news channels kept doing stories on them.
It is quite alarming looking at how much these illegal lenders were charging in interest. In some cases, it was over 2000%! That is just silly isn't it.
Having found out about illegal lenders, I spoke to one of my friends about them - and surprisingly, they had actually encountered some illegal lenders.
A few years ago, some illegal lenders came to her door and offered her a short-term loan of £1000. If she could repay the loan within the month then she would only pay £150 in interest, but if she failed to repay the full amount, then she would be charged an extortionate 1345% in interest!
Luckily…she said no. But others weren't so vigilant, and fell for this illegal lending.
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