November 14, 2011 · 1:50 pm
Legal loan sharks target soldiers battling to survive on low military wages
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Soldiers from the Alpha Grenadier Company attend a Remembrance Day (pic: PA)
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Over the past few days a grateful nation has being paying tribute to the sacrifices our brave armed forces make while serving their country.
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But while millions honour the dead, legal loan sharks have been trying to lure living servicemen into taking out short-term loans with massive interest rates on repayments.
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Online firms such as QuickQuid and Easymilitaryloans are targeting military personnel struggling to make ends meet on a regular soldier’s wage of £17,265.
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The annual payback rate is 1,734% but in reality customers will end up forking out 359% – 10 times as much as the most expensive credit cards on the market.
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