A record number of Brits will be taking out short term loans in order to help paying for their Christmas spending, industry experts recently reported.
In excess of two million Britons are now thought to have applied for short term loans, which have become more and more popular as of late. Moreover, with the lion’s share of consumers already in receipt of their last payday before the advent of the Christmas season, industry insiders predict that demand for instant cash loans will be quite high in order to help make those last minute purchases.
Ferratum UK’s marketing and sales manager, Ian Porter, recently said that the demand for short term loans are expected to surge in the run up to the festive season as a result of many different factors, chief among these the need for Brits to make last minute food or gift purchases for Christmas.
However, Mr Porter also said that short term loans are becoming more known for providing access to quick cash to help in filling the gaps when you run out of money before your next payday. Ferratum, which is a leading payday lender, has seen substantial increases in applications for its services, even three weeks prior to Christmas day.
The payday lender conducts operations in 17 countries around the world, and since it has begun operating within the UK this past July it has seen rapid growth within the new market. The sales and marketing manager also said that Ferratum finds that Brits enjoy the flexibility of short term loans, as they are able to take out a loan from as little as £50 to as much as £300, and then take as long as 45 days to repay the loan.