Payday loans: clampdown was vital, but credit unions must expand after coronavirus to fill gap
- Written by Olive McCarthy, Director, Centre for Co-operative Studies (on research sabbatical leave), University College Cork
After the pandemic, borrowing is set to skyrocket. Hananeko_StudioThe cost of accessing small personal loans can be eye-wateringly high for those who need it most. Take the UK, where a £200 loan from Provident Personal Credit over 13 weeks costs £86 in interest. That’s an equivalent APR of a whopping 1,557.7%.
These offers are...