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Some clients may come across finance companies like Reset Finance which offer a large amount of sub prime finance to customers.
Among the products on offer are Payday loans (eg borrow £100 and repay £125 on the next payday) with a 1737% APR, Wonga Case on Demand (eg borrow £100 for 10 days and repay £110) with a 2334% APR.
The Office of Fair Trading have required Reset Finance to
- include the typical APR
- ensure the APR is given greater prominence than other prescribed information
- clearly state whether security for a loan may comprise a mortgage or charge on the debtors home.