A year ago, few people in the UK even heard about easy loans from payday companies, but thanks in a large part to economic problems, these loans are now more popular than ever. Many people are seeking easy loans for help in making ends meet, only to find out that the interest rates are sky high. Suddenly, there is a whole new segment of the population that has found out the hard way that sometimes easy loans are not all that they are cracked up to be, especially when it comes time to pay them back before interest rates jump again.
“Over the past year payday loans have become an issue in the UK, and the growth in people who have problems who have such a loan has been notable in the last six months.” said Chris Tapp of charity Credit Action.
Vince Cable, Treasury spokesman for the Liberal Democrats stated that the need for these quick loans “highlights the problems stemming from the credit crunch and unsustainable levels of personal debt in the UK.”
Andy Clarke, retail director at ASDA supermarket, said, “In the week before payday, shoppers are buying a higher proportion of value products.”
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