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Payday Loans - Your Lifeline In Critical Financial Situations.

PAYDAY LOANS Your Lifeline in Critical Situations iliulil....l PAYDAY LOAN STATISTICS THE USE OF PAYDAY LOANS IS INCREASING RAPID GROWTH WITH ONLINE LOAN PROVIDERS 20% 2009 56% 15% 2006 Less than 1% of the population currently had a PAYDAY LOAN 1.2M took a PAYDAY LOAN In 2009 Prevented a ONE-OFF FINANCIAL DIFFICULTY from becoming a wider financial crisis Average GROWTH OF CHARGES per £100 of loan rising £292 average size of the PAYDAY LOAN MARKET 40 – 45% 54% BANNING PAYDAY LOANS MAY NOT ACTUALLY HELP CONSUMERS NUMBER OF BORROWERS could potentially rise PAYDAY LOANS Loans made it easier to PAY BILLS ON TIME Cheaper Online lenders face HIGHER COSTS compared to those on High Street Higher rejection rate Higher fraud and default rates Eease financial burden Illegal forms of credit as alternative Loan sharks will prosper if payday loans are not available US BORROWERS UK BORROWERS 75% 67% US borrowers with annual income of below £25,000 UK borrowers with annual income of below £25,000 Bank account is required for all borrowers Without bank accounts Impaired credit history KEY INFLUENCING FACTORS No questions asked Comfortable experience Speed of transaction Finite loan period Short term hature Anonymity of the transaction (partícularly online) Simple application process Go to the Apply Now page Complete the Application Form Instant "real time" decision Loan agreement through email Fund deposited in 15 minutes RESOURCES TO HELP MANAGE YOUR MONEY BUDGET %24 BUDGETING MoneySavingExpert budget planner Budget planner provided by Office of Fair Trading SEEKING HELP FROM AN ADVISOR Free service from Citizen's Advice Bureau Consumer Credit Counseling Service National Debtline FIVE TRENDS WHY PEOPLE ACCUMULATE DEBT NECESSITY AVOIDING THE DEBT CYCLE COMPULSIVENESS CARELESSNESS IGNORANCE Make a plan to pay off existing debt Stop acquiring more debt Stop charging to credit cards PRIDE REFERENCES: http://personalfinance.byu.edu/?q=node/418 http://www.worksavelive.com/the-debt-cycle/ http://www.swiftmoney.org/how-it-works.php https://www.parliament.uk/briefing-papers/SN06253.pdf http://www.swiftmoney.org/resources-to-help-manage-your-money.php http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/OFT1466.pdf http://www.consumerfocus.org.uk/assets/1/files/2010/02/Keeping-the-plates-spinning.PDF www.swiftmoney.org %24 %24

Payday Loans - Your Lifeline In Critical Financial Situations.

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This Cool infographics talks about the recent rapid growth in the Payday loans industry. It also demonstrates how payday loans is a blessing for those who are in critical financial situation. This inf...

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