United Kingdom – October 26th, 2010 – (WiredPRNews.com) UK loan specialist Payday Express has hit back following press reports accusing firms offering short-term credit of being “legal loan sharks”.
The payday lending industry is notorious for receiving derogatory comments in the newspapers because of their high APR. Reporters like to point out the percentages, which are usually in the thousands, as if they are actual interest percentages, which according to Payday Express is completely misleading.
Ashleigh Preston, Marketing Manager at Bromley-based short-term loan company Payday Express, professes that it makes no sense to talk about APRs when discussing short-term loans, since APR is an annualised measure.
She said: “Quoting the APR for a short-term loan is pointless as it offers no clear comparison between a loan due to be paid off in full after a month, and a loan that is paid off with a series of payments over the course of a year.”
“While you’re likely to find that the APR for online payday loans is significantly higher than for longer term credit agreements, the actual amount of money you repay can be much less since the loan is repaid in a matter of weeks rather than over the course of a year or more.”
Preston said Payday Express is a responsible lender offering a valuable service to people who need payday loans in the UK. A cash advance will often work out cheaper than paying unarranged overdraft fees and is often a vital lifeline for people who find themselves in need of temporary credit.
About Payday Express:
Payday Express is one of the UK’s leading payday advance loans specialists and has been helping people across the country get access to short-term credit since 1999. The company is committed to responsible lending and provides customers with a discreet and reliable service that will cover their short-term credit needs.
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