Demand for payday loans rose by 400%, continues to climb
Demand for payday loans shot up by a massive 400% last year, and astonishingly demand continues to climb. Is it astonishing though? This level of demand is actually not so staggering when you consider just how much the world has changed in the last few years, reports leading pay day loan provider Cash Until Friday (http://www.cashuntilfriday.co.uk/).
According to financial comparison site MoneySupermarket.com, the demand for pay day loans soared by 400% between January and March 2011 when compared to the previous year, and this was a demand that continued to climb throughout the rest of the year. At Cash Until Friday, we can confirm that more people than ever before are considering an instant payday loan to help get them out of a fix. For some people, a pay day loan is just that: short-term cash to get them through until pay day. For others, it’s a way of paying bills when times get really tight, and other people consider a pay day loan to pay for an unexpected, significant purchase such as a new boiler or essential and costly car repair.
Regardless of what people use their pay day loan for, it’s clear that this is a new short-term finance option which is gaining popularity year-on-year. This is not surprising when we consider just how tough times have got across the UK, and indeed the world, in recent years. The world has seen great economic change, from banking crises to European bail-outs, plummeting real estate markets and rising unemployment figures. The global economic crisis has hit us all hard, and increasingly we’re looking for alternative ways to access cash short-term.
Pay day loans are also proving popular because most don’t rely on credit ratings. A lot of people have found their credit rating has been down-graded by their banks due to an over-reliance on credit card spending or inability to meet their mortgage. Pay day loan companies offer people a way to get their hands on cash quickly without having to worry about a poor credit rating.
Little surprise, then that there is an ever-increasing demand for these type of loans. And while we all hope that the economic climate improves and we start to enjoy more financial freedom, until that happens, there’s always the short-term solution of a pay day loan. Find out about the terms of our loans at http://www.cashuntilfriday.co.uk/.
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