Often in the press it appears to be a case of lies, damn lies, and statistics, which we find unfair and misleading

As a responsible lender, speedeloans has a policy of capping interest after 6 months and positively encourages borrowers who find themselves in difficulty to make fast contact with the CCCS

With the Select Committee’s recommendation that annual interest rates – or APR’s - are dropped from marketing material in favour of a more realistic ‘total cost of credit’ figure, we are hoping that this sort of inflammatory journalism will stop

The data may imply they are being more budget-conscious and eking out the money, rather than rushing out and blowing it

I have long been a supporter of fair and transparent charging. Borrowing money shouldn’t be rocket science, consumers should be able to easily see what credit will cost.

With our service, customers can easily see how much the total borrowing will cost them in pounds, meaning they can make an educated decision as to the affordability, as well as allowing them to compare the cost with other lenders, easily

According to the report, not even a Maths PhD student was able to correctly calculate the charges and fees related to an unauthorised overdraft with four different banks

This data seems to indicate that despite the Recession, people are overall earning more and having less debt – all positive signs

As a responsible payday loan lender, we have no desire to add to the woes of students or any other group that clearly are likely to have difficulty meeting a financial liability

Surely there are enough genuine borrowers who require a short term loan until payday, without having to trawl minority groups?

Speedeloans supports the continuing need for a well run and tightly regulated short term finance market and applauds those members of the government looking to protect the public from unscrupulous lenders

PR’s and EAR’s can be confusing for many customers – and also misleading. For example, speedeloans has to quote an APR of 2243% for a payday loan and yet HBoS are able to quote 0% EAR as an overdraft amount

Used responsibly, payday loans can offer a cost-effective way to satisfy emergency short-term loan needs

Speedeloans is a responsible lender, offering an affordable cash advance until payday which is often cheaper than an unauthorised overdraft

Sadly, there are some unscrupulous lenders who will saddle already debt-ridden individuals with more debt misery. Speedeloans, however, takes its responsibilities seriously