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CONSTRUCTION workers should steer clear of new personal loans targeted at their trade, industry union Ucatt warned yesterday.
Loans company SubMe has aimed the packages at those on bogus self-employment and workers paid via umbrella companies.
Workers can borrow up to £5,000 for three months — but at a staggering annual interest rate of 383 per cent.
“Construction workers need to be very cautious before taking out these loans,” said Ucatt national secretary Brian Rye.
“They might look like a quick and easy way to get credit but you will end up paying back far more than you borrow.”
SubMe’s parent company OBK Group also runs umbrella company Sprite.
Ucatt has previously raised the alarm over its practices in other areas.
“When taking out loans or being introduced to new financial schemes, workers should think that if something seems too good to be true there may well be a catch and to always read the small print first,” Mr Rye added.
