Short term loans are available even if you have a poor credit rating
London, Gt. London (PRWEB UK) 13 August 2012
The UK payday loan market has seen numbers applying for online loans balloon in previous years, going from just 200,000 people applying for loans in 2007 to now 2 million people a year applying for a quick cash fix.
The sector now a billion pound industry has seen an influx of US lenders and takeovers of existing UK payday loans companies, most recent was the buying up of The Money Shop brand by Dollar Financial, one of the largest US payday lenders. This is inevitably due to the new demand seen by these companies and what is fertile ground for the easy credit product.
Short term cash advances are never far from the news, every week seemingly attracting new criticism from the UK press for their high interest and acceptance of those with poor credit histories. Even so, the product has never been as popular.
James Scott from Payday-LoansUK.org.uk explains, “Payday loans although derided by many have never been so in demand. The reason for this? One argument is the level of credit people are used to, it once was as easy as filling out your name and address to get whatever credit you wanted.”
“Now those days are over you have large numbers of people that are used to getting credit when they demand it. The problem is that these other products are no-longer as easily obtainable.”
The gap that payday loans seem to have filled has been undefined up until now, although for Scott it seems to be a clean cut cause and effect.
“Britain has been living off credit long before payday loans online came along, sure they are more expensive in the long run and a different type of product almost entirely, but they appear to fill a gap and as such we have never seen as many applications as we have for the start of this month.”
Payday-LoansUK.org.uk is a free online loan matching service that searches a panel of UK lenders, they then tailor a loan specific to the borrower’s needs. This type of service is popular amongst those that have been refused by lenders and want a no hassle solution to getting an online loan approved for them at the best rates and within the quickest time.