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Overdrafts more expensive than payday loans, says Which?

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Originally written By Brian Milligan (Personal Finance reporter) on 8 July 2016 at the BBC.

Borrowing money on an unarranged overdraft from your bank can be more expensive than taking out a payday loan, says consumer group Which?

Anyone who borrows £100 for 28 days from a payday lender now faces a maximum charge of £22.40.

But going overdrawn without agreement from your bank can cost as much as £90, according to Which?

Read the full story at http://www.bbc.co.uk/news/business-36746372
Copyright © 2016 BBC