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Payday loans no longer a niche market

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The number of UK adults who think they are likely to seek a payday loan has risen almost 50% in the past 12 months, new research from R3 claims. With the figure up from 3.5 million last autumn to 5 million today, the insolvency trade body suggests that the payday loan can no longer be regarded as a niche form of credit. According to R3, when used to fill a genuine one-off gap in finances this type of loan has its place but increasingly payday loans are being taken on as a debt solution rather than a financial solution, with one in three unable to settle up on their first payday loan.

 

Uptake is more evident among 18 to 24-year-olds – 26% are likely to seek a payday loan in the next six months while just 4% of those aged 45 and over are likely to do so. And among young adults with this kind of debt, 12% of respondents had prioritised paying back a payday loan over buying food in the past six months. R3 council member, Louise Brittain, comments: “Many of these people tend not to have the credit rating to call at more traditional establishments, with more comfortable terms, and have therefore resorted to payday loans.” She adds: “If money has to be spent paying back these debts ahead of food, clothing, gas or electricity then these loans aren’t doing their job, and are in fact only exacerbating a difficult situation.”

 

More: http://www.bankingtimes.co.uk/2012/11/14/payday-loans-no-longer-a-niche-market/


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