Lenders of last resort?
As Christmas approaches, for some people, so does the need to find extra cash to fund the festivities. Financial stress does seem to become more acute at this time as people worry about not being able to give their loved ones presents or find that higher bills coupled with extra Christmas-related spending stretches their bank account a step too far.
Financial website moneysupermarket.com said enquiries about payday loans have been "continually growing" in the last few months, with a 23 per cent increase in November on the previous month.
'Not a continuous credit facility'
Payday loans (so-called because they are meant as a stop-gap measure until payday) are controversial because although they are designed as a short-term measure, their seemingly easy availability makes them a tempting option for people who might be better suited to other forms of credit.
One of the more well-known providers, Wonga.com told Channel 4 News its loans are "not designed as a continuous credit facility" and used in the short-term by people with the means to pay them off, they are a viable credit option.
But the Consumer Credit Counselling Service told Channel 4 News payday loans should only be used as a last resort: "They are an extremely expensive way to borrow and should be avoided wherever possible. The danger is the temptation to 'roll over' the loan into the following month, which means that you can end up paying back far more than you originally borrowed." The charity advises before considering taking one out, people should look at their wider financial situation to see why you need credit.
"If you find yourself turning to payday loans on a regular basis, you should seek free advice from a debt charity such as CCCS as early as possible.
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Pay day loans are designed to help out within situations when you need fast money to pay for surprise bill or perhaps an emergency situation until your money arrives through or perhaps is provided. A payday loan is NOT a turning line of credit.
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Payday loans (so-called because they are meant as a stop-gap measure until payday) are controversial because although they are designed as a short-term measure, their seemingly easy availability makes them a tempting option for people who might be
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Cash Till Payday Loans: A Support Until Your ... - Press Releases UK
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