Loans -
Doorstep loans are coming to a town near you - 26/05/2008
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A recent report has shown that doorstep loan companies are now hitting the most deprived areas of the UK in a obvious attempt to take advantage of the current credit crisis.
UK doorstep lender Provident Financial Plc. said it expects 'high-quality profits growth' in 2008 following a strong start to the year, continuing favourable market conditions and its strong funding position.
Doorstep loans are organisations which lend small cash sums at higher than average rates of interest to people with patchy credit records.
‘‘if you borrow from doorstep lenders, you risk the roof over your heads in return for a day's happiness," said Jon Rouse, chief executive of the Housing Corporation.
Jason Strelitz, Save the Children's UK poverty advisor echoed these sentiments by stating: "Doorstep lenders exploit poor families' inability to get credit from more mainstream lenders, and they cover their risk in lending to the less well off by charging punitive interest rates."
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