Many tenants are paying more for credit than they need to.  Doorstep lending firms, who operate on many housing association and council estates, lend at interest rates of more than 180%.  This means tenants borrowing £300 a year can end up paying back over £500!

The doorstep lending market in the UK is now worth £3 billion and is controlled by just four companies, which hold 79 per cent of the business.

If you are thinking of taking out a loan, then check the interest rate (also called the APR).  If you are paying 180% or more, then you are paying too much.

Think about borrowing from somewhere else, such as Lancaster Community Finance