Payday loans are a great way to deal with a sudden cashflow crisis – when you get an unexpected bill and there’s not enough money in the bank to pay the bill and get you through to payday.
But it’s important that you can afford to repay that loan, and the charges associated with it. Responsible lenders such as PaydayUK will reassure themselves that you can do that before your loan application is approved.
Some people, however, are trying to deal with more than a one-off financial dilemma. For them, things have gone too far and their money problems are spinning out of control.
According to national money education charity Credit Action’s UK Debt Statistics, 331 people are declared insolvent or bankrupt in the UK every day and every 14 min 17 sec a property is repossessed.