Cash Loan Network offer Payday Loans in UK.
The number of people using payday loans in the UK has increased by over 4 times during the last four yrs, from 1.2 million in 2006 to 4.1 million in 2011. U.K. borrowers take out an average of 3.5 loans/year and the average size of a loan is an estimated £294.
The question is what is behind this increase in popularity of cash advance loans in the UK? There are several reasons behind the growing popularity of these short-term loans.
Bank Fees and Other Late Fees. Just like in the United States, high late fees charged by banks, cable companies, phone companies and utility providers make payday loans a rational choice for many UK consumers. Compared to a $30 or $40 late fee on a small amount owed, taking a payday loan for £500 payday loan for a £100 fee makes sense. (more…)
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February 20th, 2012
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