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.
Thanks to traditional High Street lenders turning their backs on small businesses in the UK, tradesmen have been taking out short term loans in greater numbers from pawnbrokers and payday advance providers, industry experts report.
Experts have recently warned families desperate for cash loans to not turn to illegal loan sharks as a way to escape debt.
With Ernst & Young stating that bank lending set to fall, hitting consumers hard for the first time in three years, payday advance firms are set to reap the benefits of the sudden vacuum in the quick loans industry.
Borrowers are being drawn in increasing numbers towards more agile and smaller providers of quick loans, according to a new report from PricewaterhouseCoopers.
One pawnbroker and provider of instant cash loans has reported annual profits for 2011 that grew by £1.3 million over last year’s figures, industry experts recently said.
Banks in the UK are still robbing their customers blind with the charges on their unauthorised overdrafts, some of which can actually cost consumers more than taking out an instant cash loan, industry experts say.
In a complete about-face from two decades ago, the pawnbroking industry in the UK has been experiencing a resurgence as more Brits are looking for quick loans from sources besides High Street.
Due to newly-introduced regulatory changes, credit unions in the UK are set to expand and compete with instant cash loan providers and high street lenders alike, with some industry experts predicting that the quick loans provided by credit unions striking a balance between the two.
One Medway councillor has been lobbying to stop the opening of new money lending shops in parts of the region as concerns about an increase of predatory offering of instant cash loans to the vulnerable.