Middle Income Earners Most Reliant on Payday Loans

Aug. 19, 2011 - PRLog -- Site statistics released from a newly launched instant loans website have revealed which Britons are most reliant on the immediacy of payday loans, with middle earners coming in above those within the lower earning bracket.

With payday loans growing in popularity amongst people in the UK, the site aimed to discover who were the most likely to take one out. Site statistics on InstantLoansDirect.com were analysed to find out.

www.InstantLoansDirect.com looked at site statistics since launching, as when applying for a short-term loan through the site, users are required to enter certain details; such as their monthly take-home figures, employment status and job role. The site statistics revealed that it is in fact middle earners that are the most likely to take out payday loans.

InstantLoansDirect.com first of all identified the salary brackets of low, middle and high income earners, defined as follows; £0 - 24 K (lower income), £25- 50K (middle income), £51 K + (higher income).
Of all the people taking out a payday loan through the site to date, more than half, 57%, were middle income earners, whilst a quarter, 24%, fell into the lower income salary bracket. The remaining 19% of people who had taken out a loan through InstantLoansDirect.com, the minority, were higher earners.

Of all the people taking out loans via InstantLoansDirect.com, 94% were ‘employed full time’ and 2% were ‘students’. The average amount borrowed via the site is ‘£250’, which is nearer the higher end of the £300 limit.

InstantLoansDirect.com is partnered with and powered by H and T pawnbrokers, a responsible lender that has been established for more than 100 years. The site offers an interest rate that is around 90% lower than the likes of Wonga and aims to change the face of expensive payday loans.

Giles Coutts, founder of InstantLoansDirect.com, commented on the site statistics:

“Most people assume that the demand for instant loans is directed mainly from lower earners or the unemployed, which couldn’t really be further from the truth. Our site statistics have shown that, in fact, it is the middle and higher earners of Britain that need them the most.

“We were keen to gather some information with regards to the demand for instant loans and looking at our site statistics really was quite revealing. Soon we’ll be looking at which areas in the UK have taken out a payday loan the most, to see if there’s a correlation between regions and the requirements for instant cash.”

LINK http://www.InstantLoansDirect.com

ENDS

For more information, please contact Shannon Haigh of 10 Yetis PR Agency on 01452 348211 or e-mail shannon@10yetis.co.uk

Editor’s Notes
Instant Loans Direct is a ground-breaking online loans service based in the West Midlands, that aims to provide customers with fast access to short-term personal loans with brilliantly low interest rates; when compared to other market-leaders and lenders, Instant Loans Direct has one of the lowest interest rates going, almost 10 times lower than Wonga.

Launched in July 2011 and founded by Giles Coutts, Instant Loans Direct has an exclusive partnership with a large PLC, H&T pawnbrokers, in order to provide consumers with payday loans that have such a low interest rate.

Customers borrowing through Instant Loans direct pay 50p interest per day for every £100 they borrow. The maximum amount available via Instant Loans Direct is £300 and the lending period is a minimum of 4 days and a maximum of 30 days. Rates can be compared to other lenders here.