The short term lending market is experiencing huge growth on both sides of the Atlantic with as many as 12 million customers in America and 1.2 million in the UK taking a loan to supplement their wages. Such huge statistics make great reading for lenders involved in the sector however it is often reported in the press that these loans can leave customers who are often from vulnerable parts of society struggling and trapped in a circle of debt. Those most at risk are customers who do not understand the expensive commitment that is a payday loan and those that use short term borrowing to pay for things that they could easily do without.
This graphic takes a fun look at some of the non essential items a $100.00 loan could buy you in the States when compared to the equivalent amount being spent in the UK – things you could take a loan for but really shouldn’t. For example, your loan of $100 could fund a fast food habit, pay for 10 trips to the movies and it could even cover your coffee fix for an entire month! The point is that non of these things are really sensible reasons to take a loan, especially when you consider the high interest rates associated with the payday market.
The lender is trying to make it clear that loans of this nature are intended to be used in emergency situations only, so if your dog needs surgery and your wages won’t cover the bill that is an ideal reason to consider a payday loan. If you have emergency repairs to make at home or an unexpected bill arrives then turn to a lender like www.paydayloansuk.org.uk but do not do so without giving it some serious thought.