Channel 4 News reveals how high street lenders are doling out short term, high interest loans without checking if people can afford them.
It's one area of the credit industry where there's no crunch. Payday loans are marketed as a short term financial fix. A loan of under £1000 to be repaid in 30 days.
But a Channel 4 News investigation has discovered that as well as charging high interest rates, major high street lenders are providing loans to customers with little or no checks on whether borrowers have financial problems or can afford to repay the money.
Source: http://www.channel4.com/