High Street Banks more expensive than Payday Lenders!

We all know that payday lenders charge more interest to borrow money than major lenders do, right? Well, this may have been the case in the past but the industry has gone through quite significant change in the last couple of years. And now it would seem that it’s not payday lenders that are likely to demand the most interest when it comes to borrowing but your average high street bank! What’s the score? Which? magazine recently carried out an investigation into the rates that consumers pay to borrow money, with some surprising results. It found that some major banks are charging consumers significantly more to borrow than payday lenders do. The magazine carried out research across the industry on the costs of borrowing £100 over a period of 28 days. Borrowing on those terms from a payday lender would incur a charge of £22.40. However, Which? found that some customers borrowing from other lenders were paying significantly more. According to the investigation, RBS customers could
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