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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

Payday Loan Statistics UK

shared by sally.montgomer... on May 22
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Financial Advisers in Colchester, Britton Financial, share with us the truth about payday loans, including facts and statistics taken directly from the Office of Fair Trading (OFT), plus the harsh lo...

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