Given the dire condition of our economy for the past year or two, it is not surprising that the financial law services sector has responded by opening more payday loan companies. The attracting feature of payday loans is that they are short term loans and the borrower is intended to pay the loan till the next pay day. Financial law service providers have indeed identified this and provides pay day loans to its customers as and when it is convenient for them. This has particularly been the case in local high streets where the financial law services have been quick to exploit the desperation of needing cash immediately.
Owing to the stringent rules imposed on the financial law services since the banking crisis, people have been denied access to money.
The loans provided by these financial law services range between £80-£1,000. Payday loan providers within the financial law services usually have an eligibility criteria which require their borrowers to be 18 or above, have a steady job and must be a UK citizen. All the information of the borrower will be kept secure and confidential.
Another advantage is that the borrower can get the loan within 24 hours of the application which is virtually impossible in the conventional route from a financial law service provider.
It has been widely reported that payday loans have seen their profit increase ten folds within the financial law services sector since the economic crisis. This looks very likely to increase as the economy shows very little signs of recovery. No doubt, many business minds will look for opportunities to get a share in this financial law service.
Leave a Reply