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BBC warns consumers not to turn to loan sharks with 90% of the Pay-Day loan sector closing down.

BBC warns consumers not to turn to loan sharks with 90% of the Pay-Day loan sector closing down.

BBC warns consumers not to turn to loan sharks with 90% of the Pay-Day loan sector closing down.

After being largely unregulated for such a long time the tightening of ‘Pay-day’ loan operations has come of no surprise and relief to UK the majority of the UK public.
However there are some people who borrowing on such short-term arrangements has become habitual.  The BBC article comments that the Pay-day loan firms made most of their money from individuals that could nearly afford them.  Some have been fortunate to have had their accounts written-off, but many will still be stuck in this cycle of borrowing and they may resort to non-high street sources as the Pay-day firm numbers and operating capacity dwindles.