Debt problems are rampant in the UK at the moment – with younger Brits hit especially hard by unemployment – yet there are some payday lenders expanding.
Business is booming – in the debt servicing and small loans sector at any rate!
A new entrant on the short term loan market stage is a company that claims to be like an eBay of the short term loans world.
Concern has been expressed by the Scottish Borders Council about the influence of short term loans companies in the region and, more specifically, the way in which very high interest rates are masked in the advertising by many of these companies.
While short term loans lenders have received an extraordinary amount of flak recently, especially in the media, the ability of ordinary people to be able to obtain short term loans when they want them may force society into accepting these loans companies as not only legitimate, but socially acceptable as well.
There has been an awful lot of criticism of the short term loans providers in the media and in Britain’s national and regional parliaments over the last few months.
An expert on credit from Hartlepool has announced that an instant cash loan of £200 could increase very quickly to £9,000 with 4000% interest rates hitting borrowers.
When you need quick access to cash, quick loans experts say to avoid the stress of going down to the pawnshop and instead take out your short term loans online.
The Office of Fair Trading is about to begin an inquiry into the goings on of the short term loans industry, which has grown phenomenally over the last few years and is now worth a billion pounds a year.
There has been a lot of comment about the short term loans industry in recent weeks with many social commentators and MPs critical of the high interest rates typical of these companies and the sometimes lack of transparency when it comes to rivalling the true cost of borrowing.