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September 2008

25/09/08     Andrew Hagger warns on five lethally expensive loans as regular High St credit dries up for those without “perfect 10” histories

1,355 per cent APR on pay day loans signals borrowing madness

SHOCKINGLY EXPENSIVE borrowing options could be all that is left open to the credit history-challenged – especially as we go into the most expensive time of the year, warns Moneynet.co.uk’s Andrew Hagger.

Hagger has identified five of the most toxic borrowing options which should be avoided at all costs:
  • Pay day loans
  • Log book loans
  • Credit card cheques
  • Credit card cash advances
  • Unauthorised overdrafts
 “As the global financial crisis deepens and borrowing options continue to dry up, the temptation to grab at anything to ease cashflow problems is understandable, but the exorbitant interest rates involved will only lead to deeper debt,” he warns.

Press Release 25 September 2008


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Press enquiries:

   Andrew Hagger, PR & Communications Manager 07887 717763
   (Also available for enquiries outside office hours)

   David Andrews/Cathy Tully, David Andrews Media Ltd: 07941 255855 /
   01273 774109 / 07747196854

   Richard Brown, Chief Executive: 0208 313 9030


Consumer enquiries: 0208 460 2833 / info@moneynet.co.uk

Moneynet.co.uk is the UK's longest established online personal finance research and data analyst company. The company offers consumers a choice of thousands of low cost financial services products. From mortgages, personal loans to motor, home and medical insurance, credit cards, savings accounts and best buy products, Founded by chief executive Richard Brown, Moneynet is one of the most comprehensive consumer finance online services of its kind in the UK.


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