In the UK the number of payday lenders is increasing because many people are attracted by the ease of instant access to cash advances. Even though the interest rates are overly excessive.
Why do people use payday loans?
There are many reasons why people are tempted to use a payday loan. For example, they may already have a poor credit score or mainstream sources of credit are not available to them.
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Are the statements true or false
- Payday loans can solve your money problems easily.
False. They cannot necessarily solve your money problems but can make them worse.
- To get a payday loan you only need two things to qualify.
True. A job and a bank account.
- Payday loans are marketed as a short term solution for emergency use.