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Presentation Transcript
slide1

Presents

A,B,C of Short term loans

slide2

About Short term loans…

  • For emergency expenses. E.g. Car break down, utility bills
  • Repaid within 15-20 days or on the first paycheck day
  • No documentation/collateral, quick approvals
slide3

Why short term loans….?

Perfect for last minute urgent expenses.

Funds get transferred directly into bank accounts without any waiting period.

Instant cash through short term loans

Funds in one hour or less.

Simple convenient loan application through online portals

slide4

NOT Short term loans!! Why?

  • Interest rates are higher than regular loans
  • Delayed payments pile up debt leading to bankruptcy.
  • If used irresponsibly, can lead to endless debt-cycle
  • Debt situation may aggravate if lenders charge additional default charges apart from the interest rates.
slide5

Who can get short term loans?

Eligibility for Short term loans is lenient compared to bank loans

  • Applicant should be at least 18 years old
  • Should be a UK resident
  • Should have a valid bank account
  • Should earn a minimum of £250 per month
  • Interestingly, applicants with bad credit scores can also apply and receive loans
slide6

Applying for short term loans? Watch out…

  • Compare the interest rates of different payday lenders
  • Choose the one with the lowest interest rate.
  • Do NOT go for short term loans to buy luxury goods or do impulsive shopping.
  • Make payments on time to avoid delayed payment fee. E.g. A loan of £100 can attract interest as big as £25 to £50 per month depending on the APR.
  • Choose the lender who has flexible payment plans
slide7

Payday loan debt

  • The debt rate of individuals in UK has hit an alarming rate
  • According to Creditaction- a UK credit watch dog, “ Individuals owe more than what the whole country produces in a year.”
  • The main reason behind the growing debt rate is due to customer’s inability to payback loans on time especially due to the huge interest rates.
slide8

S{C}hocking facts about debt in UK

£

  • £57,737 average household debt
  • Every day £180 million is paid as personal interest
  • Every 14 minutes a property is repossessed
  • Every 3.78 minutes someone is declared insolvent or bankrupt
  • £357,500,000 daily increase in Government national debt (PSDN)
slide9

Who can help if you are in debt?

There are several debt relief experts who provide free and confidential service to people who seek debt relief.

Some of the popular ones are listed below:

  • Citizens Advice Bureau
  • Consumer Credit Counselling Service
  • Debt Relief Order [DRO]