It has been reported within a recent financial survey that British families are having to borrow, on average, up to £327 a month from payday loan companies to survive the economic downturn. Payday loan companies are the new phenomenon helping ordinary people and families to survive and fulfil the costs of living during times of financial difficulty. There are a number of leading payday loan companies that lend to those who require it and many turn to this type of lender due to the speed of the decision making process and the fast pace at which finances are transferred. It is seen as the quick and easy approach to short term borrowing and can ensure that families and individuals are able to meet unexpected expenses, whether it be unusually high bills, short comings in wages or unforeseen outgoings.
Payday loan companies do not have to adhere to the usual red tape restrictions that lenders such as banks have to follow. They are able to offer low, short term loans to most individuals regardless of their financial history and current state, all that is needed is the ability to repay the loan within the set amount of time. It is this ease of application and likely acceptance that has seen payday loans quickly become the best option for those who need cash fast.