The results mean that more than five million people, one in four of which are 18-24 year olds, will look to secure credit on their salary in the run up to Christmas whether it be for presents, rent or even essentials such as food or clothes. This is double the figure it was 12 months ago, underlining the value of a payday loan if it approached thoughtfully and responsibly. Indeed, companies such as Umbrella Loans (http://www.umbrellaloans.co.uk/)
11 per cent of Brits are “likely” to take out a loan, up three and a half million from this time in 2011.
What has been encouraging is the fact that young people are dedicated to paying their loans off on time, with some admitting to making sacrifices to their fashion sense, eating habits and social life in order to ensure they adhere to their repayments.
Critics may argue that by making such sacrifices, people are exacerbating what is a tricky situation but with the recession still showing little sign of disappearing – people that work hard and pay back their debts can use such measures to their benefit.
The Umbrella Loans website is full of information and advice for people pondering a payday loan application, including pitfalls and financial tips. Payday loans are not there as a long term financial solution but for individuals with a strong income; they may well provide that extra helping hand this coming festive period. To find out more, click this link (http://www.umbrellaloans.co.uk/