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Do payday lenders deserve such bad press?

Over the last few years payday lenders have been hitting headlines - for all the wrong reasons.

But a new survey out today suggests that despite the eye watering interest rates, payday loan companies can actually serve a useful purpose.

The research for uSwitch found that about half the borrowers surveyed had a positive experience of payday loans and almost a third would take out another.

The company's personal finance expert Michael Ossei told BBC Radio 5 live's Wake Up to Money, "People are not actually earning enough to cover their costs... but banks are not lending out short term."

  • 07 Aug 2013
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