Payday loans: clampdown was vital, but credit unions must expand after coronavirus to fill gap
- Written by Olive McCarthy, Director, Centre for Co-operative Studies (on research sabbatical leave), University College Cork
![Payday loans: clampdown was vital, but credit unions must expand after coronavirus to fill gap](https://images.theconversation.com/files/356540/original/file-20200904-14-hcxptp.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=496&fit=clip)
The cost of accessing small personal loans can be eye-wateringly high for those who need it most. Take the UK, where a £200 loan from Provident Personal Credit over 13 weeks costs £86 in interest. That’s an equivalent APR of a whopping 1,557.7%.
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