Speedeloans says misconceptions over payday lenders are “lies, damn lies, and statistics”

Speedeloans says misconceptions over payday lenders are “lies, damn lies, and statistics”

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

In a statement granted today, Mr. Miller-Cheevers describes: “There are plenty of misconceptions about payday loan providers and plenty of strange data which can be interpreted adversely to portray all payday loan providers whilst the crooks. While we accept that sadly you can find unscrupulous loan providers available to you, utilized responsibly, this type of borrowing may be an economical means of accessing a term loan that is short.

“The press want to bandy all over APR’s that the OFT make us quote, and call them interest levels of 3,000per cent to 4,000per cent. This will be absurd. This means that when an individual borrowed £250, they might owe £7,500 to £10,000!

“Clearly no lender that is responsible charge this with no debtor would spend this . nonetheless it simply shows just how numbers could be manipulated to make shocking headlines!

Mr. Miller-Cheevers continues: “Certainly, our customers generally speaking have become satisfied with payday advances as an item. Recent research* highlighted how 86% of our clients state we are good / excellent. The research additionally indicated that almost two times as a number of our current clients would submit an application for a pay day loan rather than get with their bank when they required a cash loan in future.”

Mr. Miller-Cheevers additionally reacted to a write-up into the Telegraph newsprint (14.03.12)** which states that a year ago, away from 370,000 enquiries, there have been 17,414 complaints to your customer Credit Counselling Service (CCCS) about payday financing. Continue reading “Speedeloans says misconceptions over payday lenders are “lies, damn lies, and statistics””