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Quick cash loans are also known as Payday loans: why people getting them
The number of availing payday loans are quite increasing from a period of time, considering unsecured loans to be the type of loan that is most consumed by a lot of money borrowers in the UK. In fact, out of the total count of the loaners in the whole country, the number of people who avail quick cash loans are 4 times as many people than the other kind of offered loans.
“Payday loans in the United Kingdom are a rapidly growing industry, with four times as many people using such loans in 2009 compared to 2006
In 2009, 1.2 million people took out 4.1 million loans with a total lending amount of £1.2 billion. In 2012, it is estimated that the market was worth £2.2 billion and that the average loan size was around £270.” — Source: Wikipedia.org
Based on the statement above, payday loans are widely used by a lot of British compare to other loans that is offered by financial firms and corporations. Considering that 70% out of the total number of loans are payday loans, it is quite the most consumed loan.
There are reasons why more people avail payday loans rather than other types of loans. Researchers conducted a survey in order to find out the usual circumstances of people in order to determine why payday loans are consumed widely. The statements conducted in the next paragraph are the results of the said research.
Considering its easy access, people patronizes payday loans because they prefer to have less hassle in borrowing funds and don’t want to put much effort. So instead of availing other loans that demand a lot of documentations, they prefer availing payday loans.
Mostly, people don’t need a large sum of money in order to cover up their expenses. Most people often needed cash in order to cover up usual expenses Such as electric bills, phone bills and emergency funds, so only a right amount will do in order to meet the ends. Almost all of the offered loans have a range of amount that is too much than what borrower’s want, even if the amount is on its least form it is still too much of what the loaners need, so they don’t get to avail it. Considering payday loans offer limited cash, you can borrow money for as low as £100, people who avail the said loan find this suitable for them. So this is one of the reasons why people tend to avail unsecured loans rather than any other loans.
Some needed extra funds for sudden expenses like emergencies. In those cases, people need to cover it up as soon as possible. Seeing that other offered loans take time to release, this is not good for the said situation. Payday loans are quite different from the others, considering its low criteria and less demand for requirements, it takes less time to evaluate the borrower’s ability to repay the loan. Hence, the release of borrowed cash is faster and can be used immediately by the borrower. So this is another reason why people patronizes payday loans more than other kinds of loans.
How people will pay their debts is also an issue. Most payday loan consumers that was interviewed said that the process of paying their debt needs to be convenient and in their favour so that it wouldn’t put them into too much pressure and hassle. As for how lenders offer different procedures of repaying their loan, people can choose how they want to repay what they borrowed. They can choose whatever way that suites them, whether they want to deduct a few pounds in each paycheck for a year or deduct the whole amount in the second paycheck. The options for repaying is wide and can be negotiated by the lender and the borrower. Despite the fact that unsecured loans have high interest rate and other fees, consumers didn’t mind about it and rather considered the pros of the said loan. So consumers find this another reason why they chose to get unsecured loans among the other types of loans.
People who are also unemployed can avail the said loan and can be repaid after they find a job. Other loan services don’t consider this type of situation, for they believe that the money that they will lend will never be repaid. So for those people who needs an initial fund to cover up their needs while they are unemployed find payday loans useful and a big help for them.
Because of a wide range of consumers that keeps on growing, No wonder why the industry of payday loans are corresponding to the growth. The common evidence of the growing financial business is how the companies advertise their service throughout the community, whether by the internet, TV or radio, this is one of the signs that the said loan is on the trend. And by eliminating the brokers, and more companies began to do direct financing, the quality of payday loan rises.
This type of business will help not just who are in times of need but also the growth of the economy of the country. The future of the financial industry possibly will enhance rapid growth influence by the said unsecured loans.