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Have you been tempted by the doorstep lenders?

With news that Provident Financial has increased its profits by 3.5% in the first six months of 2009 the doorstep lending industry has again hit the headlines. Despite the fact that Cattles, another of the U.K.'s more prominent doorstep lenders, is itself in serious financial difficulty the situation does not appear to be the same at Provident Financial. Have you ever been tempted by the doorstep lenders?

It is common knowledge that doorstep lending, whether official or unofficial, has increased dramatically since the recession started to grab hold of the UK. With the Barnardos charity quoting interest rates charged by some doorstep lenders in the region of 500% it is very easy to understand how even the smallest loan can quickly grow and effectively tie the person involved to the doorstep lender for the foreseeable future.

While there is no suggestion that Provident Financial has in any way acted untoward or against the regulations, it is common knowledge that many of the smaller doorstep lenders do still use unsavoury and unpleasant tactics to grow their businesses. The customers they serve are so desperate for the money that very few are willing to come forward and complain, which allows the industry, in certain circumstances, to operate below the radar of the regulators.

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