Struggling UK households are turning to high-cost lenders in growing numbers as the cost of living crisis leaves them unable to pay their bills, anti-poverty charities have warned.
It comes as the subprime lender Amigo, which has agreed to pay compensation to customers sold unaffordable loans, revealed plans to launch using a new brand called RewardRate. It wants to offer a personal loan with an annual interest rate of 49.9% and a guarantor loan at 39.9%.
