Nearly half of England is Struggling until Payday

• Nearly half of employed England is struggling until the next payday!
• Too much month for your money?

It is reported today that approximately 45% of Brits are struggling to make ends meet until payday.  Payday loans are often considered as short term solutions but they more often than not become long term problems.

This is because some people consider a payday loan to be a long term financial solution.  It’s NOT!

It can be a short term solution but if you suffer a change in circumstance before repaying the payday loan company, you may find that you are unable to repay the payday loan you borrowed.

The high rates of interest or APR’s shown by most payday lenders reflect the short term repayment nature of the particular loan. It is because the repayment period is so short that the APR / Interest shows to be so high, if stretched out over a longer period these loans would not seem so high when APR / interest terms are quoted.

Some 7% of us are estimated to apply for a payday loan over the next 12 months.  This is a staggering statistic when you consider what percentage of the UK population is actually in work.

People who require a payday advance should be in part or full time employment and usually be earning a minimum of £700-£850 per calendar month. Other criteria do apply and differs from lender to lender.  Most require that you have a UK bank account and valid debit card along with work and home phone numbers.

Payday loans can help out in emergency situations but they often become relied upon and this is when the problem starts.  If you borrow from a number of payday lenders, they will all see themselves as the priority for repayment so unless you have plans to be paid 2 or 3 times for one month worth of work you would then end up in a cycle of debt.

• If you wish to apply for a payday loan you can call us using 0800 118 2345 or apply online for more information.
• If you are struggling with payday loans you should contact a debt helpline for confidential advice.