Is the UK Media right to come down hard on Payday Loans Lenders?
Are you tempted by promises of easy, fast cash when you find yourself in a tight financial situation? Payday Loans are becoming increasingly popular in the UK now that they are so easily available on the Internet, but why does the media paint such a negative picture of this useful credit product?
UK Payday loans are a popular short-term loan solution for individuals who find themselves running short of cash before their next paycheck is due. They are applied for completely online, with no need to leave the comfort of your own home or even send any documents to the lender. The process from start to finish takes only a matter of minutes as you simply fill in the required details and wait for the money to be paid into your bank account.
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It is easy to see how such a product would be seen are a financial cure-all to those in desperate need of cash, but the UK Payday Loans industry has come in for some flack recently as the media paints a miserable picture of this new form of cash loan. So what is the truth of the matter? Is the UK Payday Loan the monster portrayed by the media, or a harmless way to access fast cash in a time of need?
Why the wrath of the UK media?
When you read a newspaper article you will usually find that the writer has a negative view the UK Payday Loan. Their main gripes are usually:
1. UK Payday Loans are too expensive.
2. The loans encourage people to believe that you should be able to get credit whenever you want.
3. Payday Loans increase the likelihood that you will end up with serious debt problems.
Is the media right about Payday Loans?
While I have some sympathy for the view of the press, its important to remember that the payday loan is just like any other easily available form of credit, they are only as safe or dangerous as the people who use them.
If you find yourself in a emergency situation where you need immediate access to a reasonable amount of cash then the UK payday loan might be your only option. In cases such as medical emergencies, car breakdowns or even a forgotten birthday the payday loan can be a lifesaver. It was for these situations that the loan was invented!
Who should use UK Payday Loans?
If you are a financially cautious human being then you will know instinctively when is or isn't a good time to use this product. You'll be aware that they carry a high cost because the lender is taking a high risk in providing such a product and you'll realise that the only intelligent time to use them is in a genuine financial emergency.
The UK media's main gripe seems to be with payday lenders who sell their product to people unsuitable for such a loan and in this respect I have to agree with them. Payday loans undoubtedly have their place in the market and will continue to be available, it is up to you to decide whether they are the answer to your problems!
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