The amount of cash advances has increased considerably in Great Britain over the last month or so. The number of loans has grown sharply since the Financial institution Holiday at the beginning of May. The demand has increased by about 58 percent from what it was in this same period last month.
Increase in price continues
Many think that Great Britain’s economy could be predicted based on the boost in cash advances. According to Moneysupermarket.com, which is a product comparison site, the weekly expenditures for a working class family in Great Britain have risen by an alarming 54 pounds (close to $87) a week over the last six-month period.
Stagnant wages
There has been a huge struggle for working individuals since wages have been stagnant. At the same time, costs have been increasing quite a bit. About 8.5 million households would have a lot of problems without their primary source of income according to a Scottish Widows report. Financial stability is something only 25 percent of individuals would be confident with if this income were lost. At least there is that.
The Customer Protection Report from Scottish Widows also reported that almost half of the country’s families with children are reliant upon two salaries.
Measure the economy in installment loans
Moneysupermarket.com’s head of loans and debt Time Moss claims, “These products act as a barometer, giving a unique insight to the state of the nation’s finances.” Moss continues, “It’s no surprise to see the demand for payday loans rise so sharply in the current climate.”
Paying for cash advances or overdrafts
Getting an overdraft fee penalty is typically worse than these loans. This is what Moss explains despite their critics.
Decisions should be weighed carefully
When taking out a cash advance, make sure you are very careful and think about the decision. Installment loans can be costly if they aren’t paid back on time, and payday advance terms generally only last a few weeks.
Articles cited
My Finances
myfinances.co.uk/loans-and-credit/2011/05/17/payday-loans-rise-in-popularity-after-bank-holiday-spending
Payday Bank
paydaybank.co.uk/news/
Yorkshire Post
yorkshirepost.co.uk/business/business-news/demand_for_payday_loans_on_the_rise_1_3403086
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