A recently released financial report indicated that while amounts owed by households in 2011 declined from the previous year, they face difficulties in repaying these long term and short term loans that could lead to a ‘tide of debt.’
Welsh families falling into debt from an inability to repay cash loans will most likely be seeking help in far greater numbers soon, according to one debt advice charity’s expectations.
One debt collection agency has recently announced it will no longer be collecting on debts owed to providers of short term loans in the UK, citing concerns regarding the regulatory scrutiny and volume of complaints that the instant cash loans industry is drawing.
One provider of short term loans in the UK recently reported that demand for payday advance lending over the 2011 Christmas period was three times higher than it was the previous year.
Another politician has come out against short term loans in the UK, with Timothy Godfrey, a councillor from Croydon, jumping on the bandwagon when it comes to taking issue with instant cash loans providers.
If you’ve ever watched daytime TV, you’ll be used to seeing a host of adverts from instant cash loan companies.
While short term loans in the UK have been criticised for their high interest rates, one provider has done away with that by offering zero per cent instant cash loans.
Despite the fact that short term loans in the UK have been under heavy fire from critics and detractors, Brits have been seeking these no credit check loans in drovers as the economy continues to demonstrate its instability.
One provider of short term loans in the UK has recently reported that many more professionals are using them for ‘lunchtime loans,’ fast loans arranged over their lunch hour for any number of financial needs.