Research Shows Strong UK Payday Loan Need
By Paul RizzoPayday Loan Writer
New research shows that about one third of British citizens don't know where their money is going from month to month.
These findings from Alliance and Leicester highlight people's propensity to get into short-term financial difficulties, be it falling behind on home loan payments, credit card bills, rent, or living expenses. The research also indicates that 56 percent of us live paycheck to paycheck, proving that things can take a turn for the worst if unexpected costs arise.
"It's clear that many of us would like to be better savers and the best way to get into the habit is to make regular monthly payments into a separate savings account, before we even get the opportunity to blow our spare cash on a big night out or a new pair of shoes catches our eye," Alliance & Leicester's Simon Ripton said. "People could make substantial savings just by changing the way they manage their money on a monthly basis."
As a result, the payday loan industry is turned to frequently by consumers in need of urgent financial relief.
Companies such as My Payday Loan say it can buy a person time to get his or her affairs and financial management in order when the situation seems beyond control. After paying back your cash advance on time, with no late surcharges, the consumer will hopefully have a new plan in place — to save and control their money to prevent the need from arising again.
At their best, an online payday loan company will provide people in dire need of cash assistance with swift, problem-free service. At worst, it can add to the problem and translate to longer-term financial concerns. Short term cash can have a seriously positive impact on your future, so long as you handle it with responsibility and pay the advance back by the agreed-upon date.
