Millions applying for pay-day finance in Britain
If what a salaried class person earns is small in amount then it is not possible for him to keep i in his hand intact even in a small sum till the ending of the month. Now a number of lenders have come up who are providing cash help to such kinds of people in the form of pay-day credits. From the year 1996, people applying for this type of a loan service has gone up almost 4 times. This is what Consumer Focus has reported. This has been happening despite of the fact the lending companies are charging a high rate of interest that is as high as 2500 percent in a year.
There are voices being raised that the concerned industry should try and bring in some rules and regulation for the safety of the borrower are not aware. Sarah Books, who heads the financial services at Consumer Focus is of the view that although it is very much safe and legal option to apply for pay day and a person is saved from going to loan shares but it is necessary that a check should be put on the number of loans that one can take and of how many loans can they increase the repayment duration.
According to a research that they had done they revealed that around 1.2 million people have applied for pay-day finance in a year and the sum of borrowed money sums up to 1.2 billion dollars in a year. The trend of applying for a 12 month payday loans @ http://www.12monthloansnofees.co.uk/12-month-payday-loans.html has seen an increase as it is a quick way to get hold of some needful finances to get rid of day to day needs.
If you pay back the money on the very next day then you may find them cheaper even lower than an overdraft that is illegal or credit card charges. And on a contrary if you keep on extending the duration of repayment then there can be an increase in the figures of the debt.
Against all these allegations the experts of the pay-day finance industry have to say that if the borrower manages things they would this options very beneficial and very less risky as well. Though they are an easy way to avail helpful funds but they can be quite expensive. All this clearly means that applying for a payday loans and then handling its repayment depends on the person. It would be beneficial or not it is in your hands.
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