Over recent weeks the secured lender, First Plus, which uses the television star Carol Vorderman to advertise its loan products, has been advertising a new loan product, which offers consumers the chance to enjoy a low starting rate of interest on a secured loan. However, the company and the advertisement have come under fire from officials that state the loan is a debt trap, and borrowers could soon find themselves paying a fortune when the interest rate rockets following the initial period. (more…)
Tags: first plus, loans