Payday Loans Uk Provide Vital Lifeline in Tough Times for Those With Poor Credit Ratings


London, England -- (SBWIRE) -- 06/27/2012 -- Payday Loans UK is one of the best online instant payday loan providers on the market today helping cash strapped families, regardless of credit rating, get by with a payday instant loan. Approvals take place online and they seek to approve everyone regardless of credit rating. Decisions are made within 60 seconds and the payday loan – anything from £100 - £1000 can be in your bank account the same day.

James Benedict, CEO, Payday Loans UK says: “Payday loans are becoming even more important to a certain part of society. Those refused credit elsewhere and those with poor credit records are using our services more and more. If you look at some of the fees levied by certain companies for late payments etc... it can really be worth it.”

The Bank of England (8th June, 2012) announced it will not pump more money into the economy (quantative easing) making it even more difficult to get both businesses and individuals generating wealth into the economy once more.

A recent survey, as reported by the BBC News, also said that 32% of people surveyed had no spare cash whatsoever. With the economy facing a double dip recession, it seems everyone from individual to Government level is being forced to pay down their debt and there is less to go round because of price rises and redundancies hitting families hard.

The problem with this is that if everyone is paying down debt, no one is spending and generating wealth to help the economy and individual families are not benefiting either. It’s the personal equivalent of, say, a baby-sitting circle where parents swop vouchers in exchange for baby-sitting hours*. If no one decides to spend their vouchers, no one benefits. If more vouchers are issued to stimulate spending (the baby-sitting circle’s equivalent of quantative easing) and everybody continues to hang on to their vouchers, then there is still no benefit to the circle. Spending is important because at individual level, one man’s debt is another man’s income and, at Government level, spending generates income and employment across the economy as a whole.

Just think about it, if everyone paid off their credit cards, there’d be no business for credit card companies. Debt is not necessarily a bad thing. Both lenders and borrowers need to be responsible but, particularly when economic times are tough, families still have to function, as does the economy.

With money being so tight for a lot of people, it can often throw up some very difficult situations if there’s an unexpected expense. Getting into debt can often adversely affect your credit rating and then it gets even more difficult to get a loan if needed to cover the expenses occurred because of an unforeseen event such as a car repair or a broken television, or expenses for the children. A downward spiral ensues.

Payday Loans UK is a new breed of company that’s fortunately stepped in to plug the gap, helping cash strapped families across the UK. The loans are surprisingly affordable, represent a real lifeline, and it’s amazingly easy to get approved from the comfort of your own home, or office.

Case study cited in a new book on how to get out of the recession: ”End this Recession, Now!” by Paul Krugman, Respected US Economist and lecturer at Princeton University.