Payday UK News Update: Payday Loans Used To Buy Food

Payday UK Food Shopping

Payday UK News Update: Payday loans used to buy food. A report has found that many people applying for pay day loans buy food with the money they borrow.

This latest research and its findings seems to give more fuel to those who would like to see payday loans banned because they feel that the practice preys on the most vulnerable and that the ability of the lender to pay back is not, in many cases, even verified by asking if they have any income with which to pay back what they borrow.

Payday UK however, are very careful to explain to any potential customer how things work with a Payday loan. They start by guiding applicants through an on line application form from which the details submitted will usually ensure that a decision is made within a few minutes.  The type of loan that is offered by Payday UK and other pay day lenders is what is termed a ‘short term loan’ or is also known as a cash advance, a payday loan or an unsecured loan designed to help customers to deal with a short term financial shortfall.

Typically a loan will be offered to a customer as a way of meeting expenses until the time of his or her next payday. The amount that is characteristically on offer to be borrowed will be up to one thousand pounds with the day of repayment being set as the payday of the borrower.

Payday UK News Update

There are many payday lenders in the market at the moment and choosing the right one can be a bit of a minefield. Payday UK have tried to make their website as straight forward as possible so that their customers understand from the outset exactly where they stand.   The process begins with the completion of an uncomplicated application form on line and the company will then have a decision on whether or not they are prepared to lend the money within a very few minutes.

Once approval is given all the charges are sent to the customer so that they are completely clear as to how much the short-term loan is going to cost them.  The loan will then be credited to a nominated account. Payday UK are determined that their customers should use the service as it is intended and not get involved in long term debt with spiralling interest charges.  No doubt the debate will continue.

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