Solutions for Unexpected Expenses

February 27, 2013 | Posted in: Infographic, Loans, Payday Loans UK
You’re responsible with funds. You pay your bills on time. You don’t live an extravagant lifestyle. But due to an unexpected expense, you find yourself short. You need a solution for your lack of funds and you need it immediately.

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You’re responsible with funds. You pay your bills on time. You don’t live an extravagant lifestyle. But due to an unexpected expense, you find yourself short.

Maybe…

- your car broke down,
- you had a flat tyre,
- your boiler is on the fritz,
- you dropped your mobile in the toilet and need to replace it.

You need a solution for your lack of funds and you need it immediately. You have several options, including payday loans, credit card, overdraft or a personal loan. But before you rush out and get one…

You need a plan!

Before borrowing money or using credit, you absolutely must have a plan for paying it back. No plan, no funds!

Why would I choose a Payday Loan?

-Simple application
-Apply online from home
-Quick access to funds deposited directly to your bank account
-Short term
-Clear fee structure

Payday Loan Customers in the UK

-most customers are extremely satisfied
-56% say a payday loan prevented a one-off financial difficulty
-54% say a payday loan made it easier to pay bills on time
-OFT gets fewer complaints about payday loans than bank loans, overdraft and credit cards
-estimated 4.1 million loans a year
-average loan £294
-55% of borrowers under 35
-Average 3.5 loans per year
-Consumers found payday lending easy to understand – how much they had to pay back and when, compared to overdraft and credit card charges.

How does that compare to SwiftSterling.co.uk Customers?

-50/50 male/female
-80% of customers between 30 and 59 years old
-74% of customers are paid monthly
-10% of customers live in the Greater London Area
-Average loan £290

Why chose an online loan over a bank loan, credit card or overdraft? Payday loan customers perceive banks as…

-lacking sympathy
-lacking flexibility regarding repayments or access
-treating them poorly in the past
-tempting them into long term debt

Did you know? There is currently no clear evidence that banning payday loans necessarily helps consumers avoid financial difficulty.

Consumers are positively choosing this form of lending as a result of deficiencies in what is available to them in the mainstream. They see payday loan fees as clearer than the charging structures for other forms of finance and they feel more able to ‘control’ their debt by taking out a short-term payday loan than by using other finance options.

 

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As responsible lenders, we’d like to provide you with our service when you need it most. But we would also like to provide information that can help make life just a little easier.

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