The average cost of living is snowballing its way into nearly impossible for the average British family. According to The Telegraph, the necessary survival income peaks at a yearly average of £25,000. If you’re feeling a little short on money this month, is the best decision to borrow a quick and easy payday loan?
If money will surely trickle into your bank account in due course, then yes this may be the easy save. Online payday loans same day can help families stay afloat if paid on time. However, the problem with this equation is that easy money is not always easy to repay for the average person. In fact, the interest rates can become so overwhelming that picking up another £500 may be in the near future—possibly too near.
Borrowers everywhere are dishing out complaints daily about their inability to pay and the lenders inability to lower their rates. Considering the insurmountable problem of increasing debt and no hope to repay, should the lenders mend their evil ways? The 94% increase in complaints to the National Debtline service, will say yes. Something needs to be done, but by whom?
Many would say that the problem isn’t with the lenders, but with the customers. Is it truly the responsibility of the lender to put a stop to unpaid debt? Should lenders find alternative solutions for each and every borrower? After all, lending money is a business. Payday loans are presently outweighing the amount of credit card debt, falling in line between the United States and France. As an answer to borrowers’ prayers the same day payday loan cap could not come soon enough, but will the problem of short term lending and gargantuan interest rates be remedied?
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk