As online payday loans - and, of course, websites sponsoring them - spring up over England, a need has arisen for an unbiased guide to help borrowers understand the pros/cons of these resources.
Enter The UK Payday Loans Guide. Exit confusion.
This site provides a wealth of information to anyone merely contemplating the use of a payday advance. Foe example:
- The average no fax payday loan is not the impoverished, but the middle-class, especially women.
- Nurses and teachers are the most common borrowers; those with adequate salaries for their usual expenses, but budgets that can't always handle unexpected bills.
- Car repairs, deaths in the family and illness are three of the most common reasons listed for needing payday cash loans.
Unfortunately, consumers are not always aware of how the fees for payday loans can add up. While 10-20% may seem like a reasonable fee for a short-term loan, these numbers increase to over a thousand percent annually. In comparison to traditional loans, the fees involved are astronomical.
But traditional loans are often too large and even unavailable to many borrowers who have poor credit. Hence, the need for bad credit payday loans.
Payday advance questions: Frequently asked questions relating to regulations, fees, and comparisons to cash advances on credit cards or credit lines on checking accounts are explored in detail through this service.
Additionally, the history of short-term, payday cash advance lending in the United Kingdom is explained, as are definitions of usury and loan-sharking. With the expansion of high-interest lending practices in Great Britian, the need for a practical guide to payday loans seemed needed more than ever.