No one likes having a loan hanging over their heads. A mortgage, because of its size and nature is one thing but if you do need to borrow money for remodelling your home or a luxury holiday, then a short term, fixed loan might be the best option.
In recent months payday loans have frequently featured in the media. And this is seemingly for all the wrong reasons. Stories of people not being able to pay back their debt, of particular lenders using aggressive debt collection practices and of exponentially high interest rates plague people’s minds.
With increasing numbers of lower- to middle-income people in the United Kingdom using a pay day loan for emergency borrowing, questions are being raised on several fronts.