Payday Loans in The United States and United Kingdom!!!

The number of people who use payday loans in England rose by more than 4 times over the past four years, from 1.2 million in 2006 to 4,100,000 in 2010. UK borrowers to take out an average of 3.5 loans per year and the average size of a loan is considered a 294th.

The question is:What's behind this growing popularity of cash loans UK? There are several reasons for the growing popularity of short-term loans.

1. Bank charges and other penalty charges. Just as the United States, high penalties for late charged by banks, cable companies, telephone companies and service providers to offer new payday loans smart choice for many consumers in the United Kingdom. Compared with $ 30 or $ 40 late fee is a small amount of money when a payday loan payday loan fees 500 100 meaningless.

2. Economic recession has affected the UK Downturn. The very difficult and the impact was less credit available to consumers. Consequently, many consumers are turning to payday loans as their only source of credit in these trying times.

3. U.S. companies entering the United Kingdom. Another driving factor in the growth industry of the United Kingdom is the entrance to American companies. Companies such as Quick Quid are units of large lenders Internet in the United States. 

These companies view the UK as a relatively large market with a regulatory environment more stable than many states in the U.S. The U.S. market is driven by state laws and the British industry is estimated to be as high as third or fourth largest state in the SU. Thus, firms in the United States to drive innovation and demand in the United Kingdom.