Warning comes as Amigo plans lending comeback offering loan with annual interest rate of 49.9%

Struggling UK households are turning to high-cost lenders in growing numbers as the cost of living crisis leaves them unable to pay their bills, anti-poverty charities have warned.

It comes as the subprime lender Amigo, which has agreed to pay compensation to customers sold unaffordable loans, revealed plans to launch using a new brand called RewardRate. It wants to offer a personal loan with an annual interest rate of 49.9% and a guarantor loan at 39.9%.

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