Store appears to offer payday loans to children

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Shoppers were furious after a new store opened on a busy London street offering payday loans to children - using their pocket money as collateral.

But it turns out Pocket Money Loans - which appeared to offer high interest rate short-term loans to kids - was nothing more than an elaborate hoax.

The shop which had which has windows decked-out in child-friendly cartoons, was offering children up to £20 for a period no longer than 60 days - for an incredible 5,000% APR.

Residents in Finsbury Park, north London, left dozens of complaints with the shop's creator, Darren Cullen, and the building owner, Mark Thompson.

But the entire project turned out to be a prank created by artist Darren to take a swipe at payday loan companies - some of which charge up to 5,000% APR.

The installation even had its own website where children aged three and over can borrow up to £20 for 60 days.

Credit: Darren Cullen