With many UK households still struggling to make ends meet in these difficult economic times, more and more people are turning to loans as an alternative form of lending, according to recent recent by PricewaterhouseCoopers. The research showed that the number of people borrowing on credit cards has dropped significantly over the last year.
It seems the UK public have lost confidence in using Credit cards as a form of borrowing. This could also be due to the fact that for a lot of people it can be difficult to get approved on a credit card and the application process can take a long time. The popularity of quick cash loans shows that this has become the preferred method to getting that short term cash fix when they need it the most.
These cash loans allow for a simple easy application with no lengthy forms to fill in. Many lenders also accept people that have bad credit history, as long as they are 18 years old and have some form of income and are a UK resident then they will be able to get an instant cash loan the very same day.
These types of loans, although are high in interest, offer the flexibility for many people that have been denied loans in the past. They are meant to be short term to help you pay for those unexpected bills and pay it back usually when they next get paid. The interest rate can be alarming to some people, but the money is only borrowed over a short period of time. If you look at the overall interest charged using our example then to many people who need the money quick. For example, if you borrow £180 over 28 days, you will end up paying back £45 in interest and a total amount of £225 at 1737% APR.