Payday Loans : An Overview

SwiftMoney swiftmoney.org Payday Loans: An Overview In the UK, payday loans are a rapidly-growing industry. Payday Borrowers Since 2006 ם20 In 4 X. TTTT UK consumers borrowed as many consumers using payday loans £4,1 million in payday loans In 2012 Fees for loans 8.2 million Borrowers average £25 in fees for every £100 in loans loans were taken out in the UK The average loan amount: E300 Interest rates Average loans per year Some payday loan companies charge Payday loan borrowers average interest rates of 2,500% + in APR. 3.5 loans per year. Borrowers' annual incomes Two-thirds of borrowers have annual incomes below £25,000. Payday Lenders UK Lenders Revenue generated by payday loan industry There are 24U+ different UK lenders currently operating in the market. 3. £242 million £2.2 billion The largest UK lender? In 2009 In 2012 S DOLLAR A FINANCIAL CORP 25% of all payday loans By October 2012 The Money Shop alone opened 550 High Street branches StepChange Debt Charity clients Stephange Debt Charity National Debtline £1,657 average payday loan debt of customers. E National Debtline £1,379 average monthly income of customers NUMBER OF PAYDAY LOAN- RELATED CALLS IN 2012 20,013 AVERAGE NUMBER TAKEN OUT BY NATIONAL DEBTMINE CLIENTS 8UPAYDAY LOANS Rolled over loans 50% of payday lenders' revenue came from 28% of loans that were rolled over. 50% Payday Loans Advantages Disadvantages I RELIABLE FINANCIAL OPTION I NO CREDIT CHECK I EASY APPROVAL I FAST+CONVENIENT I COMPLETED ONLINE I HIGH INTEREST RATES I DECEPTIVE LENDERS I BORROWER NAIVETY zero ARP In the UK, interest rates on payday loans zero restrictions Payday loans companies are only required to state: the effective APR (%) restriçtion To avoid falling victim to extortionate interest rates, you need a trusted lender like Swift Money. Swift Money is a unique, lower-interest loan alternative that is backed by a "no secrets, no hidden fees and no stress" policy! Visit Swiftmoney.org to browse your loan-borrowing options, today! To avoid falling victim to extortionaté interest rates, you need a trusted lender like Swift Money. SwiftMoney swiftmoney.org sources: http://www.guardian.co.uk/money/2013/mar/06/payday-loans-industry-numbers http://www.stepchange.org/Howwecanhelpyou/Debtadvice/Paydayloans.aspx http://www.telegraph.co.uk/finance/personalfinance/borrowing/loans/9911804/Payday-lenders-Facts-and-figures.html http://en.wikipedia.org/wiki/Payday_loans_in_the_United_Kingdom http://paydayloansontineresource.org/the-advantages-and-disadvantages/ SwiftMoney swiftmoney.org Payday Loans: An Overview In the UK, payday loans are a rapidly-growing industry. Payday Borrowers Since 2006 ם20 In 4 X. TTTT UK consumers borrowed as many consumers using payday loans £4,1 million in payday loans In 2012 Fees for loans 8.2 million Borrowers average £25 in fees for every £100 in loans loans were taken out in the UK The average loan amount: E300 Interest rates Average loans per year Some payday loan companies charge Payday loan borrowers average interest rates of 2,500% + in APR. 3.5 loans per year. Borrowers' annual incomes Two-thirds of borrowers have annual incomes below £25,000. Payday Lenders UK Lenders Revenue generated by payday loan industry There are 24U+ different UK lenders currently operating in the market. 3. £242 million £2.2 billion The largest UK lender? In 2009 In 2012 S DOLLAR A FINANCIAL CORP 25% of all payday loans By October 2012 The Money Shop alone opened 550 High Street branches StepChange Debt Charity clients Stephange Debt Charity National Debtline £1,657 average payday loan debt of customers. E National Debtline £1,379 average monthly income of customers NUMBER OF PAYDAY LOAN- RELATED CALLS IN 2012 20,013 AVERAGE NUMBER TAKEN OUT BY NATIONAL DEBTMINE CLIENTS 8UPAYDAY LOANS Rolled over loans 50% of payday lenders' revenue came from 28% of loans that were rolled over. 50% Payday Loans Advantages Disadvantages I RELIABLE FINANCIAL OPTION I NO CREDIT CHECK I EASY APPROVAL I FAST+CONVENIENT I COMPLETED ONLINE I HIGH INTEREST RATES I DECEPTIVE LENDERS I BORROWER NAIVETY zero ARP In the UK, interest rates on payday loans zero restrictions Payday loans companies are only required to state: the effective APR (%) restriçtion To avoid falling victim to extortionate interest rates, you need a trusted lender like Swift Money. Swift Money is a unique, lower-interest loan alternative that is backed by a "no secrets, no hidden fees and no stress" policy! Visit Swiftmoney.org to browse your loan-borrowing options, today! To avoid falling victim to extortionaté interest rates, you need a trusted lender like Swift Money. SwiftMoney swiftmoney.org sources: http://www.guardian.co.uk/money/2013/mar/06/payday-loans-industry-numbers http://www.stepchange.org/Howwecanhelpyou/Debtadvice/Paydayloans.aspx http://www.telegraph.co.uk/finance/personalfinance/borrowing/loans/9911804/Payday-lenders-Facts-and-figures.html http://en.wikipedia.org/wiki/Payday_loans_in_the_United_Kingdom http://paydayloansontineresource.org/the-advantages-and-disadvantages/