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Warning over payday loans

Payplan has warned that customers approaching financial advisers for access to payday loans are more likely to need debt advice and budget planning.

Marketed as being a quick way of tiding financially stressed workers over until the end of the month, with credit of up to £750 available online or through the high street, payday loans have seen a marked increase in popularity during the recession.

But according to John Fairhurst, managing director at Payplan, more should be done to make people aware of the long term consequences of a payday loan.

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