With the number of short term loans and short term loans providers increasing every day in the UK, it is inevitable that some sort of diversification and specialisation will occur.
Debt concerns have grown in the North East of England to the point where one out of every three individuals are in the grips of money owed to credit card companies and instant cash loan companies, recent research has revealed.
Advertising by the instant cash loan company, Wonga, is not so popular with soccer fans when the advertising takes place at their local club grounds, according to a report carried in the Guardian newspaper.
Payday loan use has quadrupled over the past four years, experts say, with the trend continuing to grow in the future.
The number of instant cash loan adverts being displayed on football club websites need to be reduced or eliminated, says a new coalition of fans.
It seems the expanding world of short term loans is not going to get rid of its controversial image any time soon and there are plenty of stories that illustrate the good and bad sides of the industry.
There is a dire need of new legislation in order to protect borrowers from instant cash loan companies from putting them into an ‘impossible debt’ situation, according to the words of one financial charity official.
The British Bankers’ Association discovered that traditional forms of borrowing, such as taking out cash loans, using overdraft facilities, or making purchases through credit cards, remained weak over the past year.
While much of the retail sector has experienced a significant downturn and a lot of the manufacturing has been contracted out or outsourced to bases overseas there remain one shining beacon of entrepreneurial activity.
Industry experts say that newly relaxed credit union operating regulations have led to the alternative lending sources growing in popularity, with some stating that the lucrative payday advance lending industry could be threatened for market share.