Swift Money Releases New Info-Graphic on UK Payday Loans
(EMAILWIRE.COM, May 15, 2013 ) Manchester, UK -- Swift Money recently launched a new Infographic on the soaring popularity of payday loans in the UK. With informative facts and figures, this piece is perfect for anyone that is considering a payday loans. According to the infographic, payday loans are a rapidly growing industry in the UK. In fact, the number of payday loan borrowers increased 4X since 2006. In 2009, UK consumers Payday Loans: An Overview borrowed 4.1 million in payday loans. This figure soared to 8.2 million last year.
On average, borrowers assess $25 in fees for every $100 borrowed. Borrowers also average about 3.5 loans per year, while interest rates on loans are generally 2,500% plus in APR. While countless UK residents seek payday loans, the annual income of two thirds of these borrowers is below $25,000. When it comes to payday loans in the UK, there are also over 240 different lenders currently on the market.
Some of the more popular lenders include Dollar Financial Corp. In fact, this company is the largest payday loans lender in the UK. While Dollar Financial Corp dominates 25% of the payday loan lending market, Step Change Debt Charity trails closely behind. This lender has an average payday loan debt of $1,657 from their customers. The average monthly income of their customers is also $1,379. According to the infographic, revenue generated by the UK payday loan industry increased from 242 million in 2009 to 2.2 billion in 2012.
When it comes to UK payday loans, The Money Shop alone has opened 550 High Street branches. The National Debt Line also received 20,013 payday loan related calls in 2012. On average, their clients have also taken out 80 payday loans. Based on the infographic, 50% of payday lenders revenue comes from 28% of loans that rollover.
There are also several pros and cons of taking out payday loans. The advantages include reliable financial options, along with no credit checks and easy approvals. Payday loans are also fast, convenient, and can easily be requested or completed online. Customers never have to worry about stringent criteria or qualifications that are synonymous with taken out loans at banks, credit unions, or other financial centers. Whether for medical emergencies, bills, or even home renovations and remodeling, customers can use the money for whatever they need.
In terms of disadvantages, payday loans features high interest rates. Sadly, there are also a number of deceptive lenders that take advantage of first time borrowers. Still, payday loans in the UK continue to soar in popularity. For timely payday loans and services, customers need a trusted lender like Swift Money.
About Swift Money
Swift Money is a unique, low interest payday lender that is backed by a no secrets, no hidden fees, and no stress policy. They have helped countless customers in the UK secure fast and instant cash for all their endeavors. See their newly released infographic here - http://www.swiftmoney.org/payday-loans-just-the-facts.php.
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