Alarming new twist on payday loans

Sarah Coles
Golden coins on black background. Macro shot.
Golden coins on black background. Macro shot.

A payday loans company has come up with a worrying new development. These high interest loans from a firm called ClearAccount are being marketed as a 'financial safety net', which can automatically lend you money when your current account is running low. The company claims it will help avoid overdraft charges.

But there are four reasons for alarm.
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