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Payday Loans throwing consumers a lifeline, according to research for The Money Shop
Payday loans are throwing consumers a valuable financial lifeline against the backdrop of rising living costs, according to new research from The Money Shop.
The study shows that more than one in ten relies on payday loans to cover the cost of unexpected emergencies which have not been budgeted for such as parking fines, rent increases, vets bills, car trouble, leaking roofs and underestimated energy bills.
Through a retail network of more than 420 stores, The Money Shop, part of Dollar Financial UK, offers unsecured short-term loans, often referred to as payday loans, cheque cashing, secured pawnbroking loans, money transfer, foreign exchange, debit cards and gold buying services.
Separate research published by moneysupermarket.com revealed that seven in ten consumers will need to turn to their savings, credit cards or overdraft to fund rising energy bills.
Nine out of 10 consumers (94%) stated that payday loans allow access to money when they really need it and a further 90% agreed that they knew exactly how much they would be charged for using a payday loan.
Two thirds (67%) of those surveyed were unable to run the risk of unauthorised overdraft charges from their banks because the rates were too high for them. More than seven out of ten (72%) said borrowing money from banks and building societies was difficult and 41% believe that without a payday loan to support them, managing their finances would be very hard.
And treats seem to be off the menu according to The Money Shop research as just 11% access payday loans for entertainment purposes, to pay for the latest gadgets, holidays, socialising or days out.
Andrew Bryan of The Money Shop said: "Our payday loan research shows that people are being sensible and using payday loans for exactly what they are intended for.
"Getting through to the end of the month can prove to be a stretch for many households especially when emergencies arise. Payday loans provide a useful alternative for people if money is tight and, in many cases, the banks are unsympathetic.
"Money Shop staff work very closely with customers to allow them to meet their financial commitments without getting into difficulty.
"Payday loans are there to be used in times of short-term need or real emergency so it is encouraging to see that the majority of people we talked to are doing this. We offer relatively small amounts for a short period - typically until the next payday - for a fixed amount. Bank fees can soon add up to more, particularly if customers resort to unauthorised overdrafts."
The survey focused on existing payday loan customers of The Money Shop and a separate representative cross-section of the general public.
It also shows:
- When bank customers were quizzed just 55% said they felt they received fair and honest treatment from the banks.
- Six out of ten (61%) customers of The Money Shop agreed that charges and fees are reasonable while only a third (33%) of bank customers felt the same way about their banks.
As well as The Money Shop, Dollar Financial UK operates online lending services through its Month End Money and paydayuk.co.uk brands; business loans, through Merchant Cash Express; jewellery and pawnbroking through its specialists at Suttons and Robertsons in London, Duncanson and Edwards in Edinburgh and Robert Biggar in Glasgow. It employs more than 2,100 staff.
Dollar Financial UK is a leading member of the Consumer Finance Association, which operates to maintain high standards of responsible lending across the short-term credit industry, and is licensed and regulated by the Office of Fair Trading.
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| At the Money Shop we believe that you should get your hands on cash when you need it. So why wait? We offer a fast, friendly and confidential service with the best deals around. For instant cash, come to the leading cheque cashing company in the UK. We are the UK's No.1 for Cheque Cashing, Payday Loans (Cash 'til Payday) and Cash Loans. We have over 450 Stores across the UK. Call in today! |
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