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Doorstep Lenders On The Prowl

As a follow up to an article we issued some time ago about doorstep lenders it seems as though business is very brisk in this area and growing strongly. For those not aware of the so called doorstep loan companies, these are financial companies which may cold call you offering loans - often to people who may have credit difficulties and live in run down areas - at rates well in advance of the high street. While the regulators have tried to introduce more controls in this area of business, rates in excess of 100 percent a year are still being reported around the country.

The problem is that without an alternative for this group of society, those who are not able to gain access traditional loan routes, they are being forced to seek out the doorstep lenders. Once they have taken out a loan they are often offered top ups and new loans for 'Christmas' in the hope that they will become a longer term customer - not always by choice.

Many people do not read the small print on these agreements and do not realise the penalties for missing payments. If many people were actually to keep track of the loan amounts they received and how much they have paid back, they would be shocked!

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