International report

Concern over Britain's loan-sharks

Audio 03:13
Basher Eyre/Wikimedia Commons

In Britain, there's concern about the huge rise in people borrowing money from so called 'legalised loan-sharks'. Short-term lenders offer loans that when extended, can accrue interest of up to 4000 per cent. A leading homeless charity has revealed that almost a million people have taken out a payday loan in the last 12 months just to pay their mortgage or rent.