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Payday Loans Popular At Christmas
Are Christmas Payday Loans A Good Idea?
Millions of Britons are likely to take out a high-interest loan in the next six months to last them until payday, a group of insolvency experts claims.
More and more individuals are considering taking out a payday loan in December in order to fund their Christmas spending despite the high rates of interest.
If the money is paid back promptly on the next pay day, this type of lending can be cheaper than paying an unauthorised overdraft or a credit card charge. Although it might be tempting to have a bit of extra cash for the festive season, a small loan can quickly snowball into something much larger.
“Before using this type of borrowing we would urge people to always check what other options are available, for example, can you get an overdraft with your lender, to cover you until payday?” recommends a financial expert.
According to a recent report by R3, nearly half the population (45 per cent) struggle to make their income last until payday each month, with up to three and a half million adults are considering taking out a payday loan over the next six months as a result.
