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This is a kind of loaning that found to the UK from America a number of years back. The suggestion is you obtain sufficient simply to tide you over up until your next cash advance, thus the name. Because the loans are implied to be quite temporary, and also you obtain your practical the money really quickly, the interest rates are large. It used to be that loan providers can charge what they such as – and they benefited with some loans having APR prices of over 2,000 percent. Yet last January a rate of interest cap was added by regulators. Lenders currently can not bill you greater than 0.8 per-cent a day, yet that is still very costly. Acquire ₤ 100 for 14 days with Wonga and you’ll still have to repay ₤ 110.40. That’s a jaw-dropping interest rate of 1,509 percent APR.
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