Headlines trumpeting astronomical interest levels and stories of payday loan providers preying on susceptible borrowers are “lies, damn lies, and statistics”, states Gary Miller-Cheevers, CEO from speedeloans.

In a declaration granted today, Mr. Miller-Cheevers describes: “There are plenty of misconceptions about payday loan providers and plenty of strange data which are interpreted adversely to portray all payday loan providers while the guys that are bad. While we accept that sadly there are unscrupulous loan providers available to you, utilized responsibly, this kind of borrowing may be a economical means of accessing a term loan that is short.

“The press want to bandy across the APR’s that the OFT make us quote, and phone them interest levels of 3,000per cent to 4,000percent. This really is absurd. It indicates that when a individual borrowed ВЈ250, they’d owe ВЈ7,500 to ВЈ10,000!

“Clearly no accountable loan provider would charge this with no debtor would spend this . nonetheless it simply shows exactly just exactly how numbers could be manipulated so as to make headlines that are shocking!

Mr. Miller-Cheevers continues: “Certainly, our clients generally speaking are extremely satisfied with pay day loans as an item.

Recent research* highlighted exactly just how 86% of y our clients state we are good / excellent. The research additionally revealed that nearly two times as a number of our current clients would make an application for a pay day loan rather|loan that is payday} than get with their bank should they required a cash loan in the future.”

Mr. Miller-Cheevers additionally reacted to a write-up in The Telegraph magazine (14.03.12)** which claims that just last year, out of 370,000 enquiries, 17,414 complaints towards the customer Credit Counselling Service (CCCS) about payday financing.

He describes: “The Telegraph cites how many complaints about pay day loans as 13% – yet, making use of the exact exact same figures, our calculations reveal how many complaints become somewhat below 5% – lower than 1-in-20 complaining about pay day loans.

“This undoubtedly tallies experience – with 75% of speedeloans clients having to pay their loan straight back on time, and 20% assist, this will leave simply 5% whom totally are not able to repay their loans.

“As a responsible loan provider, speedeloans has an insurance plan of capping interest after a few months and absolutely encourages borrowers whom end up in difficulty to create quick connection with the CCCS. Failing that, we will turn to provide a person an inexpensive, interest free, repayment plan.

“Often within the press it’s an instance of lies, damn lies, and data, which we find unjust and deceptive. As an example, the article that is same that the common financial obligation on a quick payday loan was ВЈ1,267 in 2010. Our numbers reveal typical financial obligation at nowhere near this figure, perhaps because as being a lender that is responsible whenever our clients do end up in economic trouble, we cap interest and make use of them.

“With the choose Committee’s recommendation that yearly interest rates – or APR’s – are fallen from advertising product in preference of an even more practical ‘total price of credit’ figure, we have been hoping that inflammatory journalism will stop.”


*Independent research completed on the behalf of speedeloans during February 2012


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Both for our own business, but also more importantly, our customers in August 2011 we won an award for “Most Responsible Lender” which we welcome as proof that we are doing the right thing.