Monthly Archives: September 2013

The Wonga behind Payday Lenders

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The recent dispute between Newcastle United striker Papisse Cisse and his employers was ended when he agreed to wear the famous black and white striped shirt despite it displaying the name of a famous payday lender.

He had initially claimed that the company operated in a manner that was contrary to his Muslim beliefs and this sparked a huge public debate over the ethics of payday loan companies who charge annual percentage rates on their loans in excess of four thousand per cent. While recent events will inevitably impact on the public perception of payday loan companies, there are two sides to the debate.

Eliminating the Confusing Jargon: APR, Credit Ratings and Inflation

APR, Interest Rates and Inflation

Many adults are unfamiliar with the terminology used by banks when advertising financial products.

Banking has changed enormously in recent years and changes introduced to make the industry more transparent has increased confusion because people are unaware of the meaning behind certain terms.

Schools are introducing the concept of financial awareness to the curriculum so that students are equipped to deal with the financial challenges that may lie ahead. Many adults are unable to benefit fully from a diverse banking sector because they do not comprehend the financial language that appears in advertising, a greater understanding would lead to increased financial freedom.

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