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More and more people are turning to the services of Payday Loans companies for short term borrowing requirements.
Payday Loans, No Fax Loans, Same day Loans and One Hour Loans are some of the names used by a group of lenders who market short term loans which can be arranged for customers so that money goes into their account on the same day, some companies advertise that money can be transferred in as little as an hour.
In the past taking out a payday loan was something done by borrowers as a very last resort. The increase in traffic to sites such as this is believed to be directly linked to the ruling.
There is no doubt that Payday Loans companies charge high rates of interest, however when looked at in comparison with the charges imposed by banks and credit card companies payday loaners undoubtedly offer a competitive service. Many banks charge customers up to £60 for going over the overdraft limit. Payday loans carry on average a 25% rate of interest, so someone looking to borrow £100 will pay £25 back in interest, equivalent to or better than penalties incurred through a bank.
The other reason people are turning to Payday loans lenders is because banks have become much more reluctant to allow customers short term credit to help them through difficult times. Also a payday loan can often be obtained for those with poor credit ratings or even people who have been bankrupted. The only information which a Payday loans company requires is that the borrower is over 18, a UK citizen and has a job which pays more than £800 a month. They also have no requirement for the creditor to own a home the loans are unsecured.
No one is saying that taking out payday loans is something which should be done on a regular basis, but with debts on the rise and confidence in the banking system at an all-time low, for some people a payday loan can cover a short term financial gap. The Daily Mail recently wrote an article which drew attention to the fact that these days its the banks rather than these short term lenders who have become the new "loan sharks".
