British payday lenders are encouraging an unbelievably stupid way to get buried in debt.The Daily Mail’s Vanessa Allen tracked down firms that promote payday loans for plastic surgery.
“Our cheap fast loans can be useful for your fiscal crisis and can help you to obtain a beautiful look,” says Cheapfastloans.co.uk.
Another site, needloans.org.uk, offers to fund “any sort of purpose,” whether you’re unemployed or lack decent credit.
These short-term loans carry interest rates up to 4,200 per cent plus fees, according to Allen.
In the US, nonbanking services like payday lenders, pawn shops and debt collectors, have become a core part in the Consumer Financial Protection Bureau’s mission to help consumers.
Nearly 20 million Americans use payday loans, and many have allegedly failed to follow federal consumer protection laws. Earlier last month, the CFPB’s director, Richard Cordray, announced a new arm of the agency to police such entities.
Consumer advocates in the UK are saying the government has failed to take similar steps, though some reputable UK surgeons are urging patients to bypass the loans.
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