Payday loan applications evening out
19/02/08
According to one financial expert, the number of payday loan applications is leveling out which could indicate that householders are coping better with their money situation.
At the beginning of last year, February 2008, the number of people taking out personal loans increased significantly. This suggested that as a result of the downturn in the UK economy, an increasing number of people were resorting to taking out loans in order to help their financial situation. Figures from moneysupermarket.com the comparison website suggested that figures for payday loan applications had nearly tripled in August 2008 compared to the previous year.
“Payday loans are the ultimate barometer of how tough things are in much of the real Britain,” commented head of loans at moneysupermarket.com Tim Moss.
He continued, “We saw an explosion of payday loans from January 2008 onwards with more and more people using all of their income on essentials but still not being able to get through to the end of the month.”
