Many financial experts have frequently pointed to payday loans as the ‘bad apple’ in the consumer credit market

Most of the time payday loans are associated with high interest, bad debt and aggressive collection methods

Due to the recent economic circumstances, the unavailability of credit options for people with bad credit has created the need of suitable alternative consumer credit options such as short term loans

A constant need for emergency cash loans in the United Kingdom hasmade emergency payday loans to gain popularity amongst borrowers

So… are Payday Loans the ACTUAL problem? Let’s shed some light at what the numbers suggest…

As shown on the pie chart below, Payday Loans account for only 12.1% of the total unsecured

lending in the United Kingdom

Consumer debt research shows that 15% of debt accrued is frompayday loans, while the remaining 85% is from credit card debts

15%

85%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

The following statistics show the use of consumer lendingoptions in the United Kingdom

0%5%

10%15%

20%25%

30%35%

40%45%

C R E D I T C A R D

O V E R D R A F T

H O M E C R E D I T

S T O R E C A R D S

B A N K L O A N S

P A Y D A Y L O A N S

41%

37%

22%

17%

26%

6%

Despite severe criticisms by financial experts, it is interesting to note that consumers claim that emergency cash loans such as Payday Loans alleviates rather than escalating their financial hardships

• 54% of users say their loansmake it easier to pay bills on time

• 85% of payday customers saythey had no difficulty repaying their loan

• 56% say that using paydayloans has prevented a financial difficulty becominga crisis

90% of payday customers are satisfied with the clarity of the terms & conditions for their loan

74% of payday customers are satisfied with the value

93% of payday customers are satisfied with the overall experience

Keys to Success with Payday Loan

• Borrow only the amount you need• Borrow only for the exact duration

• Repay on the agreed time

AKEBIA LIMITED WISTERIA CAMROSE HOUSE2A CAMROSE AVENUEEDGWARE, MIDDLESEX, HA8 6EGPhone: +44 203 026 1036Licence Number: 0644307Registration No. : 07475421

Email: info@akebiauk.comhttps://www.dailyloan.co.uk