17th
Jan

The Use Of Payday Loans

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The Use Of Payday Loans

As more and more of us struggle to get by each month, we find new and creative ways to make our money stretch to the end of the month.  Of course there are times when it just isn’t going to happen, and more and more people are using payday loans to help them get through till their next payday.

The loans themselves are easy to apply for, the basic criteria to obtain a loan is that you are working and have a bank account.



There are no credit checks, so poor credit isn’t an issue.  Those with poor credit can get a payday loan.

It has been in the news a lot lately as to more and more people taking out payday loans, the costs involved in these loans, and what people are using the loans for.

There also has been accounts of lenders using predatory tactics such as in the case of directing adverts to students.  Wonga had some issues with this lately.

Also in the news is the lender Cash Genie, whose web site recently had articles about their loan service and encouraging students to use the service and loans for things they may want, such as alcohol, nights out, clothes, etc.

This is considered to be, not the proper use of such a loan, and Cash Genie has removed these articles from their site.

However it is easy to see how this type of marketing, which they stated was only for ‘search engine optimisation’ could be viewed as not in the students best interests.

So while payday loans are easy and do serve a purpose, they are not for everyone and do need to be thought through carefully.

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