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Home credit loans 'extortionate'
saddled with debt in a snapshot of the costs of taking out pay-day loans, mr shapps found that it was commonplace for lenders to charge Â250 for lending Â200 for just one month - enquivalent to an annual interest rate of nearly 1 90% .
when a constituent showed me a leaflet offering doorstep loans at 84% apr, i decided to investigate how the home credit market operates, he said .
the lack of competition within the home credit market harges created the right environment for extortionate aprs, he said .
he said the monopoly position of these big firms meant they were allowed to prey on those saddled with debt and struggling with poor credit ratings .
some pay-day loan companies charge as much as 10,000% annual finterest on their loans, according to a report frbleom the shadow housing minister .