The UK payday loans industry has enjoyed tremendous growth in recent years as many more people are turning to this short term loan source for quick access to needed cash. The number of people recorded to have used these loans in 2009 is four times more than those who took payday loans in 2006. As of 2009, 1.2 million people took payday loans worth about £1.2 billion. The average value of each loan taken was about £300.
Payday loans are increasingly sought after because they remain one of the fastest means to access quick cash when needed. Qualifying for the loans are fast and simple, which means that many times the loan sought can be gotten on the same day of applying. For many people with bad credit history, payday loans remains one of the few remaining means for them to access quick funds when they need it.
In other countries such as in the United States, various states have legislation regulating the payday industry and limiting the amount or percentage of interest that lenders can charge. In the UK, there are no clear restrictions on the amount of payday loan interests that can be charged. Some lenders thus take advantage by charging unrealistic high interest rates. If you are looking for a payday loan, deal with a reputable payday lender that will provide you with quick cash at affordable costs.