2011 Has Not Been A Good Year. For The Banks Anyway.
Money lenders of various types have been in the news daily in 2011. Whether it is a high street bank or payday loan lender they have all had their column inches. This new release looks deeper into the two such lending options.
Dec. 23, 2011 - PRLog -- Plagued by a continuous stream of scandal the trust and loyalty that was once theirs has slowly diminished with the British Public increasingly looking elsewhere when it comes to their finance options. It could be this reason why loan companies such as Early Payday Loans – a short-term loan company, has seen an insurgence of customers choosing to borrow money from them rather than going to their once trusted and highly commendable high street bank.
Or maybe it could simply be down to the fact that borrowing from loan companies such as Early Payday Loans can often be cheaper (seriously – hear us out) than going to the bank.
You see the complexity of borrowing outside an arranged overdraft fee often gets ‘buried’ in lengthy bank statements, agreements and confusing literary jargon which can mean that the extra £20 you borrowed outside of your agreed overdraft can have serious financial consequences. The Office of Fair Trading estimates that banks charge around £2.5 billion in fees per year. Great for the banks, not so great for you.
Early Payday Loans is a short term solution for the British Public who want to borrow a relatively small amount of money to tied them over until the next pay day – it’s not intended to be a long term solution and this is evident on their website and made very clear before borrowing is agreed. The benefit of borrowing with Payday Loans is it’s plain and simple – you borrow X and you pay back Y. Simple.
Dawn Hodson from Early Pay Day Loans says: “Loan companies have always had a bad reputation and in the past I can see why, but EPDL are not loan sharks that are looking to exploit people. We’re clear on how much a customer can borrow and clear that they understand what they have to pay back. For every £80 you borrow you pay an additional £20 back. Often with banks, you don’t really know what the charges are until you receive your monthly statement and gasp in shock horror– and we’ve all been there!”
It’s a shame and maybe a reflection of the times that the once trusted and highly notable banks are not supporting and providing the kind of help the great British public need in times of crisis. With an estimated half of all households in the UK financially distressed, loan companies such as EPDL are increasingly becoming the “quick fix” and more cost effective solution to short-term financial problems.
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• To get a Payday Loan you must be employed and have your salary credited to an active bank account with a chequebook or a debit card.
• EPDL fees are £20 per £80 borrowed. There are no other hidden charges at EPDLL. Therefore if you borrow £160 you will pay back £200 on your next payday.
• For more information log on to www.earlypayday.co.uk