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[英伦广角] 【整理】2010-08-29 应严格规范“合法高利贷”

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According to a new poll by think tank Compass, 68% of people believe the government should introduce a lending rate cap on things such as credit cards, storecards, and even now what they called payday loans. seven in ten want the government to provide a total source of its affordable credit via pose banks or creidt unions, and community development of finance initiatives.

no less, currently, 1.2 millin people owning 1.2 billion pounds in those payday loans alone. Join us Gavin Higger general secretary fro Compass behind this research. Good morning, thanks, coming in. First of all, what's the payday loan, and why it's so damage.

Um, well, this is short-term loaning, you should owe a short term periods, but some on short-term lenders' charging. It excessed 2.5 thousand percents on APRs for these loans. And often this puts people in spiral of the diet, they can't get out of it, and cause a huge problem for people.

I mean, this used to be called loan-shocking. this is one of charges are being made on even credit cards, so,it's legalize loan-shocking.

Yeah, and that's right. The government has in fact committees taking action on storing credit cards. However, what it hasn't yet committee to do. On it's taking action on the unsecure credit market, that you know, payday loans. And oversea, when we got these excessive rates in excess of 2.5 thousand percent. We believe that the right policy will be a lending rate cap. it's cover all consumer price.

Is it difficult though when you get an unsecure loan that you can understand why lender. They were debts, if you like extra safty net to assume people are not gonna keep this loan outstanding that you have to pay it off quickly to avoid such charges.

Sure, but I mean, the problem is that a lot of these lenders are charging excessive rates. Sure, you know, they might need to be charged a little bit more, because the it's  short-term loan.

Oh, perhaps, not is explaining. I mean that's another issue, you know, people don't realize that they can get these rates.

What I mean, I mean, is it often clear what rates are, but then problem is that they often a defaut setting on a lot of these loans, is it renew from month to month to month, and not obviously if you're paying an interest rate in an excesse of 2.5 thousand percent, that soon, you know, adds up...

But is it also the case when you go to most people are saying APR, they just don't want to talk about it, you know, you actually try to work out what rate interest will be overly in certain period. Most people have real difficulty trying to understand.

Yeah, I think there're problems around us, the transparency, in terms of a lot of lending, and what it actually means is that some lenders are actually charging upto 82 pound for every 100 pounds borrowed. And obviously this is causing a huge difficulties when the base rate is 0.5%.

Half percent

extraordinary, isn't?
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