Use payday loans correctly

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Use payday loans correctly

Figures show that up to 2 million UK citizens could be using payday loans to see them through until next payday, and other reports show that the demand for payday loans is increasing. Payday loans are short term loans, offered to those who maybe struggling with their finances between pay dates.

If used correctly these short term payday loans can often help, especially if there has been an unexpected financial emergency, such as household repairs or car repairs, they are often much cheaper alternative to unauthorised overdraft charges given out by most banks and the interest offered on subprime credit cards. In order to use payday loans correctly, the borrower needs to make sure that they are only borrowing what they can afford and that they can afford to pay it back on payday.

There has been much media coverage on the problems that borrowers face when they cannot afford to pay the payday loan back, and this has led to calls for there to be more regulations on payday loans lenders and the possibility of a cap on the amount that a payday loan lender can lend to borrowers.

This has caused mixed reactions, the Financial Conduct Authority has claimed that this cap could harm potential borrowers, unable to borrow the amount that they need to and thus being without the correct funds to cover their expense until payday, which in turn could expose them to debt problems.

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