Payday Loans Uk Cushion Rising Personal Debt

Payday Loans UK Cushion Rising Personal Debt

by

Antonio Vargas

Payday loans have been around in the UK for many years now, but the notion of an emergency loan plan has only in the last five years gained substantial momentum in the United Kingdom. Since 2006, the number of people on record to have utilized a payday loan has steadily risen from an estimated 1.2 million to 4.1 million last year, and is further expected to triple within the next three years or so.

Payday loans are short term, unsecured loans which financially tide your ‘final demand’ bills, MOT payments, or emergency health care costs. A majority of lenders now offer online payday loans and provide just one simple application form to fill out.

Riding on the Credit Crunch

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The sudden rise in demand for cash advance payday loans in the UK can be seen as a direct result of the credit crunch, leading to unsustainable levels of personal debt in the country over the past few years. This combined with the clamp down on lending enforced by banks in the UK, has created bad credit records throughout the country. What seems the preferred choice for UK citizens today, rather than going in for long term unsecured loans which require a financial record check, are payday loans UK.

Uppercase on the APRs

High rates of interest or APRs turn people away from lending institutions, especially private ones that offer loans without collaterals. Such a notion would hold true for

payday advance loans

as well, except that the short period of time for which this loan is taken out is something that the borrower can easily live with in terms of the interest charged on it. Besides, you can take out a second loan against some advance on the first to have it spread over a few months. Typically though, this concept works very well for people who can manage to stay on top of their expenses, if only for the month concerned.

What you need to get one of these!

UK payday loans are relatively easy to get even with poor credit history. All you need is to be above 18, a resident with a bank account in the UK and also involved in full time employment. If you are a first time borrower, then you might be restricted to amounts below 350. If you have paid off a similar loan in the UK before, then you can be approved for a loan anywhere between 750, even 1,000.

Chance for Loans has steadily risen to become a market leader in a diversified finance industry by sourcing various kinds of loans. We manage your financial liabilities through

online payday loans

, resolve cash flow emergencies with quick payday loans and offer long term debt conciliation through secured and

cash advance payday loans

.

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