Payday Loans in the UK will rise over Christmas

The number of people in the UK taking out payday loans is on the increase according to a recent study. It is estimated that people borrowed £1.8bn so far in 2010 and this trend of taking loans is set to continue over the Christmas period.

Interest charges for UK payday loans usually range from 12% to 20% but can be as high as 40% for shorter loans, meaning that APR’s can range from 1,000% to 2,000%.

Getting the money paid to you is usually quick and easy and a lot of the time there is little or no paperwork or faxing required. Many times the money will be paid into your bank account on the same day. These instant payday loans are the reason why their popularity is growing as a normal loan can take a week or more from when you apply until when the money is in your bank account.

Payday loans in the UK are growing in popularity and many will be planning to take them out to cover their Christmas spending. If they are treated with respect and are repaid in time, they can be a great way to help with expenses.

Read more at the news source: onefaceinamillion.com

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