UK Payday Loans Guide Opens
With the proliferation of websites advertising payday loans, the need has arisen for an unbiased guide to this borrowing resource. The UK Payday Loans Guide at http://www.payday-loans.org.uk advises on both the pros and cons of short-term lending, which can help borrowers in an emergency but trap them in high fees if the loans are left unpaid.
The average user of payday loans services is not the impoverished, but actually the middle-class, especially women. Nurses and teachers are the most common borrowers, who have adequate salaries for their usual expenses, but when emergencies arise, their paycheck to paycheck budgets cannot always handle these unexpected expenses. Car repairs, deaths in the family, and illness are three of the most common reasons listed for needing short-term loans.
But consumers are not always aware of how the fees for payday loans can add up quickly. While 10-20% may seem like a reasonable fee for a short-term loan, these numbers would add up to over a thousand percent annually. In comparison to traditional loans, the fees involved are astronomical. But traditional loans are often too large and even unavailable to many borrowers who have poor credit.
Frequently asked questions such relating to regulations, fees, and comparisons to cash advances on credit cards or credit lines on checking accounts are explored in detail. Additionally, the history of short-term lending through payday loans in the United Kingdom is explained, as are definitions of usury and loan-sharking.
With the expansion of high-interest lending practices in Great Britian, the need for a practical guide to payday loans is needed more than ever, and the UK Payday Loans Guide has stepped in to take over that responsibility.
- Contact Information
- Tom Coleman
- Payday Loans Guide
- Contact via E-mail
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