Borrow £10 from a friend and expect to be chased to pay it back!
There is a multitude of reasons behind the popularity of short-term borrowing with payday loans. A new study could indicate that one of the reasons people are applying for more payday loans online is because borrowing between friends is becoming less flexible than ever, as leading provider of payday loans Cash Until Friday (http://www.cashuntilfriday.co.uk/) explains.
In the recently published study from MyVoucherCodes.co.uk, two thirds of people surveyed said they regularly lend money to friends but only on the basis that it will be definitely be paid back. Perhaps surprisingly, most people would only give a measly £5 to a friend without expecting it to be paid back, and only 24% were happy to lend £10 without wanting the money to be repaid. Only 2% of those surveyed would be happy to lend £25 or more to a friend with no expectation of getting that money back. And perhaps it’s little surprise given that one in three people admitted that they themselves had borrowed money from friends in the past and not paid it back.
It’s a sure sign of the times when behaviour among friends changes to accommodate a tightening economic situation. Households in the UK are suffering under rising utility costs and low or non-existent pay increases, so it’s understandable if every £5 counts, even between friends. Also understandable is the need for more substantial borrowing than £5 or £10 here and there. The sad truth is that more and more people are finding it hard to stretch their wages to payday, and if this survey is correct and friends are not necessarily to be relied on for borrowing, then a payday loan could well be the answer.
Of course payday loans have to be paid back too, but the advantage over borrowing from friends is that not only can you borrow more than just a few pounds (typically anything between £100 and £1000) but it’s also a very quick way to get your hands on some much-needed cash. At Cash Until Friday we offer same day payday loans so you get your money when you need it. And what’s more, your friends don’t even need to know that you need to borrow money at all.
Interested in finding out more about this type of borrowing? Then visit the Cash Until Friday website at http://www.cashuntilfriday.co.uk/.
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