More people are turning to payday loans than conventional credit cards

The number of consumers taking out and using credit cards is declining. However, borrowing is fast being replaced by payday loans that are easier to obtain.

 

 

According to the latest research from PricewaterhouseCoopers (PwC), people within the UK paid off some of their unsecured debts in 2011, but they were still left with financial problems.

Credit cards are not the preferred option as people are turning to payday loans as a faster alternative to obtaining cash fast.

The report found that credit cards are ‘feeling the strain’ as consumers need to rely on other means of gaining money faster. The PwC found that the number of credit cards in circulation and the total amount borrowed on them over the last 12 months has fallen, suggesting that UK consumers were turning to other forms of payment. Despite this, the average credit card balance was at around £1,000.

Simon Westcott, Director of PwC’s Financial Services practice, commented: “UK consumers are among the most indebted in the world, with the average UK household still saddled with nearly £8,000 of unsecured debt. Although the UK Government’s austerity drive appears to be hitting home, with households paying off an average of £355 worth of their debt in 2011, three years of austerity by UK consumers has only made a small dent in the total levels of borrowing.”

The total outstanding credit fell by 5% last year, declining at a faster rate than the previous year.

“45 years since it was first introduced, the credit card is suffering a midlife crisis. Consumers discarded nearly one million cards in 2011, taking the number of credit cards in circulation down to levels not seen for almost a decade,” continued Mr Westcott

 QuidAdvance.com can help source your payday loan. However, its important to remember payday loans are fully repayable on your next payday.

QuidAdvance Loans in 15 minutes

You can get a quick cash advance of up to £1000 today through QuidAdvance. In most cases, decisions are made immediately, and you won’t have to fax bank statements or fill in any further paperwork.

As the application process is fully automated and online, our lenders can approve your loan application in a matter of minutes.

If you’ve got a bad credit history, it can be very difficult to get accepted for a loan. Here at QuidAdvance, we put you in touch with lenders that look at how credit ratings are worked out and how you can improve your credit score. This in turn may help you to rebuild your credit rating as it will show that you have taken a loan and repaid it.

One in four people in the UK are now taking a payday loan

Research conducted by Vincent Bond and Co suggests 28% of people who are struggling to make ends meet have taken out a payday loan to help with their finances.

Payday loans in the UK are rapidly increasing with four times as many people using these loans in 2009 compared to 2006.

In 2009 1.2m people took out loans with total lending spiralling to £1.2bn while 3.5m people are expected to take a payday loan in the next six months of 2012.

Steve Rees, managing director of Vincent Bond & Co, said: “Since the start of the 2009 recession there has been a boom in the payday loan market.

“For some debtors, the only answer they can think of is resorting to a payday loan.

The firm revealed that  unemployment was one of the major causes of financial problems with one customer stating: “Due to the recession I was made redundant and had to relocate to find work.

“I found a job but with less pay my debt started to build up from trying to cover the  costs of living.”

Our advice is simple. When you take out a payday loan, ensure you pay it back upon your next payday.

www.QuidAdvance.com

Quidadvance.com  is dedicated to finding you a quick and hassle-free way to apply for a payday loan from £75 to £1000.

If you can’t wait until payday, apply online now for a payday loan and you could get cash in your account today. QuidAdvance.com is a loan matching service. We are the bridge between customers wanting payday loans and the payday lenders themselves.

Our simple online application process is designed to match you with the lender from our panel best able to suit your short-term money needs, right when you need it most. Apply for £75 to £1000 cash today. Some of our lenders can transfer the cash as quick as 15 minutes.

  1. Use our secure online application form – Tell us how much you need by completing our short and simple application.
  2. Match – We will try to match you with a payday lender based on your application details. The lender will give you an instant decision online.
  3. Cash transferred – If the lender approves your application, the required cash may be deposited into your bank account the same day.

Loan Requirements for a Quid Advance

All of the lenders QuidAdvance works with or requires that you satisfy the minimum requirements in order to be eligible for a payday loan:

  • valid bank account that can receive direct debit
  • Must be at least 18 years of age
  • Must be employed and receive a regular pay cheque or salary
  • Must be a resident of the United Kingdom

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