Using an overdraft at a high street bank can cost more than taking out a payday loan, research has shown.
Which?, the consumer group which conducted the study, said that the mainstream credit industry was in as much need of regulation as the much-criticised fringe players.
The research shows authorised overdrafts with a leading bank can be as costly as a payday loan with companies such as Wonga. For example, borrowing Â£100 for 31 days will cost Â£30 with a Halifax authorised overdraft or Â£20 with some Santander accounts.
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