Payday Loan Statistics UK

SAY NO TO PAYDAY LOANS If you're struggling with debt problems, payday loans aren't the answer. OoD They're a short term type of loan and will usually have a significant amount of interest. UK INDUSTRY 240 LENDERS FACTS & STATS e= is the current amount that creates the payday loan market. Average Payday Loan Amount? Estimated Worth? £2 billion £270 THE MARKET TODAY % of loans rolled over loans rolled over 4 or more times loans rolled over 2-3 times loans rolled over just once loans not rolled over P(AB)= P(ANB % of revenue by loan type loans rolled over 4 or more times loans rolled over 2-3 times loans rolled over just once loans not rolled over P(AIB)= P(ANB) What happens when a loan is rolled over? Bob Lender Day 1 Bob borrows £300 for 30 days at £30 per each £100. Bob pays the interest and rolls the loan over. So far, he's paid £90. Day 30 Bob now owes £300 for the original loan and £90 for this months interest. Bob pays the interest and rolls the loan over once again. he's paid £180. Day 60 Bob now owes £390. £300 capital and £90 for the interest. Bob rolls over again. So far, he's paid £270. Day 90 He still owes £390. Bob pays of his outstanding £390. Day 120 In total he has paid £660. TOTALS £300 £660 tweet us your thoughts @BrittonFinance If you're having money troubles, don't resort to payday loans, seek financial advice from a professional. Britton www.brittonfinancial.co.uk