Solutions for Unexpected Expenses

PAYDAY LOAN 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. What are Your Options? Table 1: a summary of research interviewees' views on a range of financial products STRONGLY AGREE STRONGLY DISAGREE EASY TO UNDERSTAND TRUST MYSELF/ FORM OF FINANCE QUICK TO GET EASY TO ACCESS WANT TO HELP ME GIVES ME CONTROL PAYDAY LOAN CREDIT CARD OVERDRAFT PERSONAL LOAN 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 V Apply online from home Clear fee structure Short term Quick access to funds deposited directly to your bank account Payday Loan Customers in the UK Most customers are extremely satisfied. 56% say a payday loan prevented a one-off financial difficulty say a payday loan 54% made it easier to pay bills on time OFT gets fewer complaints about payday loans than Bank loans, overdraft and credit cards. £294 3.5 294 .million estimated loans a year loans per year (average per customer) average loan amount Consumers found payday lending easy to understand. How Does That Compare to SwiftSterling.co.uk Customers 74% 80% are paid monthly 30–59 years old 50/50 £290 male/female average loan amount Why Choose an Online Loan Over a Bank? x Lacking flexibility regarding repayments * Tempting them into long term debt * Treating them poorly in the past * Lacking sympathy 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. Swift Sterling www.SwiftSterling.co.uk PAYDAY LOAN 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. What are Your Options? Table 1: a summary of research interviewees' views on a range of financial products STRONGLY AGREE STRONGLY DISAGREE EASY TO UNDERSTAND TRUST MYSELF/ FORM OF FINANCE QUICK TO GET EASY TO ACCESS WANT TO HELP ME GIVES ME CONTROL PAYDAY LOAN CREDIT CARD OVERDRAFT PERSONAL LOAN 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 V Apply online from home Clear fee structure Short term Quick access to funds deposited directly to your bank account Payday Loan Customers in the UK Most customers are extremely satisfied. 56% say a payday loan prevented a one-off financial difficulty say a payday loan 54% made it easier to pay bills on time OFT gets fewer complaints about payday loans than Bank loans, overdraft and credit cards. £294 3.5 294 .million estimated loans a year loans per year (average per customer) average loan amount Consumers found payday lending easy to understand. How Does That Compare to SwiftSterling.co.uk Customers 74% 80% are paid monthly 30–59 years old 50/50 £290 male/female average loan amount Why Choose an Online Loan Over a Bank? x Lacking flexibility regarding repayments * Tempting them into long term debt * Treating them poorly in the past * Lacking sympathy 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. Swift Sterling www.SwiftSterling.co.uk