Although we were told that things would be different here, the payday loan industry in the UK has largely followed the unethical business practices of their cousins in the United States. This means extortionate interest rates, swamping late payers with thousands of text, email and phone messages and, most perniciously of all, unofficial policies of lending to those who cannot afford to make full repayment in time so that the debtor will take out a further loan and remain permanently indebted at the APR which is in many cases higher than known (illegal) loan sharks have charged.
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**Warning: Video contains strong swearing**
Video © HBO
[Draft post: Further text & video follows]
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