LOANS INTEREST RATE SLAMMED
A LOAN company has been accused of preying on needy Hackney residents by offering loans with sky-high interest rates over the festive period.
A flier for the Oakam money store, featuring a happy mother and child, has been dropping through the borough’s letter-boxes offering residents the chance to borrow up to ?800, which would not have to be paid back until next year cash advance now.
However, the small print on the back reveals that the annual interest rate is a staggering 442 per cent, so customers would have to pay back more than ?3,500 over a 12-month period.
Charities representing the vulnerable and debt advisors have been quick to condemn the astonishing rates.