Payday loans lender speedeloans says borrowing money shouldn’t be rocket science
Leading industry expert, Gary Miller-Cheevers, is backing calls for action over “complicated and exorbitant bank overdraft charges” following a report* which highlighted how customers using unauthorised overdrafts found it impossible to calculate and to compare charges between banks, due to complicated fee structures.
Mr. Miller-Cheevers, who is also CEO at payday loans company speedeloans, says: “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.
“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 Which? study, many banks have expensive daily fees with one bank (RBS) charging £6 a day (equivalent to an APR of 2,190%) on a £100 unauthorised overdraft.
Ends
*Which? 17.01.12
CONTACT:
Gary Miller-Cheevers, speedeloans.com, CEO, telephone: 0844 879 3199 or 07545 148121, email: gmc@speedeloans.com
Stella Hulott, Speedie PR, telephone: 01843 831088 or 07932 750271, email: stella.hulott@speediepr.co.uk
ABOUT US:
speedeloans.com is a practical alternative to banks that can no longer help their customers with their short term financial needs. Privately backed by people who understand our customers, our mission is to provide instant decisions and two hour money whenever they need it.
We are at the cutting edge of modern consumer finance by offering small, short term loans online with real speed and ease. We are flexible and paper free which means you can apply using our easy-to-use website whenever you need cash in a hurry. We have a consumer credit licence from the Office of Fair Trading.
In August 2011 we won an award for “Most Responsible Lender” which we welcome as proof that we are doing the right thing both for our own business, but also more importantly, our customers.
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