And loan sharks are circling...

A PAYDAY loan firm appears to be using Black Friday to encourage high-interest borrowing.

Loans2Go has sent existing customers text messages in the lead up to today’s sales.

One read: ‘Extra costs this Black Friday? Maybe Loans2Go can help?’ It includes an interest rate warning which reads ‘450.5 per cent APR representative’. Debt experts say people who use payday loans are likely to already have money problems.

Peter Tutton, from StepChange Debt Charity, said: ‘We have long argued for tighter regulation of this kind of marketing.’ Loans2Go confirmed they sent the texts, but did not comment further.