Welcome for Lancashire's loan charge website

12:10pm Monday 20th October 2008

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A NEW website highlighting excessive prices paid by Lancashire residents for cash loans has been welcomed by Trading Standards bosses.

The site, lenders compared.org.uk, exposes the often huge cost of doorstep lending and helps those who see it as their only option to avoid the worst deals.

County Coun Marcus Johnstone said: “While we would prefer borrowers to obtain affordable credit from places like credit unions it is recognised that consumers sometimes have no alternative in the short term to borrowing from specialist doorstep lenders.

“This site at least gives them the opportunity to see the cost in comparison to other lenders and to realise the other options that could be available.”

Doorstep lending is usually offered to people on low incomes.