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UK Payday Loans Companies Are Parasites-The Media Are Proved Wrong
UK Payday Loans Companies Are Parasites-The Media Are Proved Wrong
As a relatively new industry, the payday loans industry in the UK has fallen prey to harsh criticism, such as being called parasites and viewed as entities which support customers in making unnecessary purchases.
Victoria,
London,
United Kingdom
(prbd.net)
10/12/2010
As a relatively new industry, the payday loans ( http://www.cashchoiceuk.co.uk ) industry in the UK has fallen prey to harsh criticism, such as being called parasites and viewed as entities which support customers in making unnecessary purchases.
The press tends to depict payday lenders as people that prey on its customer base. There is even a newspaper in particular that used the term “payday parasites” to describe those in the industry.
However a number of UK payday loan companies state that on average 70% of the payday loans are repaid in full per the date it was initially signed for. Some of these companies have policies in place that will limit the amount of extensions possible for the 30% that do not repay in full on time. They care enough to ensure that the customers are not leveraging debt that is beyond their ability to pay back. This policy is rigid in nature and protects the customer.
These companies believe that the evidence shows that they are providing a service in a time where people need it. They appreciate that due to negative press coverage it may take time to set the record right. Payday loan company charges are actually straightforward when the customers pay back within the allocated time.
Another common criticism is that payday loans support making purchases that are not really needed and therefore encourage increased debt. However it has been revealed that the majority of payday loans are for emergencies and sensible uses. Typically those who avail of these loans do it for the following purposes:
-36% pay bills with the loans
-27% make emergency purchases
-20% borrow for special occasions
-17% only 1 in 6 get a loan just for cash
Comments from one lender, Cash Choice UK: “We are little more than a faster, more modern and accessible interpretation of banks in days gone by. If GBP250 was borrowed by a customer for three weeks until their payday due to an emergency, clearly they can read the fees involved. There will be GBP53.54, which includes interest and a transfer fee fast; and in many cases, the funds are transferred to your bank within an hour. Whether you believe this to be a good value or not, all practices are extremely transparent.”
If a short term monetary need arises, a payday loan can be an alternative that is practical. The company is supported by individuals that understand the customer. The mission of the company provides instant application decisions and a fast turnaround on money. Many banks cannot provide assistance to their customers with short term financing. This is why payday loans have become an essential tool for many people today.
Cash Choice is pleased to provide customers payday loans ( http://www.cashchoiceuk.co.uk ) when needed to handle their short-term cash-flow needs. They pride themselves on a quick and easy loan approval process.
About
Cash Choice is a business set up to help you with any financial emergency by offering you a cash advance. We realise that as organised as a person might be, there are situations that can take you by surprise.
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