Bank Overdrafts Are More Expensive Than Payday Loans
Payday loan firms are regularly berated in the news media for charging more interest than high street banks. Fees, allegedly, run into the thousands, and interest rates are excessive. But the reality is that fees on loans from payday loan companies like Swift Money are typically lower than bank overdraft fees. High street banks like HSBC, Santander and RBS, might charge a lower rate of interest. But they make up the difference with lump sum charges.