Why Do UK Reporters Come Down So Hard On Payday Loan Lenders?

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by Ric Norton

Many for us are finding ourselves tempted by the promise of quick access to easy cash when we end up in a tricky financial situation. It is for this reason that UK Payday Loans have been increasingly popular since becoming more easily available online, but why do UK newspapers have such a dim view of this helpful loan product?

UK Payday loans offer short-term credit for people who find they are running short of cash before they can get their hands on their next paycheck. The application process is completed online and there is no need to leave the comfort of your armchair or send personal documents to the lender. The whole process takes only a few minutes of your time as you simply fill in the required details and wait for approval.

The lenders whose job it is to try and sell these loans to the public understandably proclaim them as the only answer to your all your money concerns. However the Payday industry has become a target for many in the media who convey the image of an industry which prays on the poor and helpless of society. So do they have a point? Do Payday Advance loans really add to the financial misery of the people who use them or do they have a genuine use?

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What are the media’s main concerns?

Every article that appears in the newspapers seems to paint only the negative aspects of the Payday Loans industry. The major problems which seem to concern them are:

1. Payday Loans incur an unreasonably high interest rate.

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2. They encourage people to believe that credit should be available on tap whenever we want it.

3. Its possible to get into an increasingly dire debt situation if you can’t control your use of payday loans.

Does the media have a point?

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Anyone with an unbiased view of the situation would have to conclude that the media does in fact raise some valid points. It is important for us to understand that payday loans should be treated with more respect than many people give them. Their use should not be taken lightly and they should be used only by individuals with the required level of financial acumen.

Before coming down too hard on payday loans remember that sometimes when we get into unforeseen financial difficulties there can be a real need for quick access to cash. For example you might have a medical emergency and a car breakdown and if you have no one to turn to for help these situations can quickly escalate if you can’t get the money we need.

Should you use a Payday Loan?

The first thing you should ask yourself before taking out a payday loan is how financially astute you are. Payday loans are inherently more dangerous than the regular credit products available from the high street bank because of the high interest charged and the fact that they are so easy to obtain. Even if you decide you are resposible enough to make good use of payday loans make sure you keep them for the times you really have nowhere else to turn for help.

The main problems with payday loans comes from lenders who will try and sell the product to individuals who are unable to competently utilise it safely. Payday loans have their place in the UK loans market and should be readily available but it is up to the individual to decide whether they are the answer to their cash problems that they as looking for.

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