In another bold display of irony writ large, the nation’s providers of traditional finance – the High Street banks – are taking issue instant cash loan providers for doing business with cash-strapped Brits even as they retreat from providing cash loans to those in need.
According to one debt charity, a select number of payday advance lenders have begun to send spam texts to prospective customers.
One charity has come out in favour of more governmental regulation on the nation’s short term loans providers and other lenders after a recent research study that 20 per cent of low income earning households in the UK could be spending as much as 30 per cent of their income on debt repayments.
Brits who have overspent during the Christmas break might be pleased to learn that at least one short term loans broker is continuing to operate as normal throughout the holiday period.
Johann Lamont, the Scottish Labour leader has recently come forward against short term loans and instead told people living in Scotland to resort to credit unions instead.
Labour MP Stella Creasey had been calling on the government to take action over instant cash loan companies by capping the interest rates they charge.
Brits encountering financial emergencies are turning to instant cash loans in increasing numbers, and many have been able to keep themselves afloat thanks to the availability of funds from an instant cash loan providers whilst caught between pay cheques.
Labour MP Stella Creasy has been campaigning long and hard to more strongly regulate the instant cash loan industry in the face of new research results that indicate at least 2 million Brits possibly using instant cash loans.
The Citizens’ Advice Bureau for East Durham is looking to block the opening of a payday advance shop due to concerns over short term loans creating more debt for UK households already feeling the squeeze due to the current economy.
One major payday advance lender has recently said that it has experienced a fourfold increase in the number of people applying for short term loans over the last two weeks.