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Payday loans will be used heavily during recession
A high number of people are applying for payday loans as they are spending all their cash before their salaries come through, it has been claimed. In the last ten months, the quantity of such loans has increased by 130%, the Times found in recent research. And because service providers usually charge high levels of interest on the products, said the Fair Investment Company, people are being hit even harder in the pocket. Treasury spokesman at the Liberal Democrats suggested that the trend confirms the present economic conditions are having a severe impact on society, something that may be news to those with personal loans. It "highlights the problems stemming from the credit crunch and unsustainable levels of personal debt in the UK," he asserted. The news source added that on a typical £100 payday loan from Payday UK, a £125 fee is tagged on, while the APR is 1,355%. In related news, Citizens Advice in Scotland this week said that there is a growing debt problem in the country.
