Young people have seen their wages plummet and their costs soar. More and more look to alternatives to bank to cover short term costs and find that the best solution may be a same day payday loan.
Research published last week by the Institute for Employment Studies suggests that young people's wages have been hit the hardest by the credit crunch. Since 2008 it is suggested that under-30s have seen their take-home wages fall by around £890 a year.
The causes of this trend are fairly obvious. With nearly 1 million under-25s unemployed in the UK, people are being forced to take anything they can get, and this means accepting much lower wages than they would have done several years ago.
Same Day Payday Loans
If you are finding it harder and harder to make your wages stretch, you can get cash quickly with a same day loan.
Same day loans are just like a payday advance. If you have bills to pay or need money quickly but you don't get paid for another few days, then a same day loan is a fast and effective way of borrowing money for short term needs.
Find out how same day loans work
Cover Costs with Same Day Payday Loans
Whether its bills, emergency repairs to your home, an unexpected car malfunction or simply overspending before payday - a same day payday loan can help get you over the worst until you get paid again.
Applying for an advance is quick and simple, and the money will be in your account within 24 hours – that's why they call it a same day loan!
Find out more about how people use same day loans
What you can borrow with Same Day Loans
You can typically borrow between £80 and £1000 but remember, for every £100 you borrow you will usually be charged around £25 so it's important to make sure that you only borrow what you can afford. Don't forget that come your next payday you will need to repay the payday advance in full.
Find out more about what you can borrow and what you pay on our Same Day Payday Loan Charges page
Those already in work have little chance of achieving a pay rise because employers will simply point to the unemployment figures and suggest that they are lucky to be in a job at all.
Even worse, some young people may have to accept wage cuts in order to keep their job. Working for less money is more attractive than being made redundant. And young people are also being offered fewer hours, making it harder to work long enough every week to make a decent living.
If your wages are shrinking as costs rise it's even more important to watch where your money goes. Use a free online budgeting tool to help balance your cash.
More People Trying To Do More With Less
The research also points to the increasing cost of living, meaning that even though wages are falling and there is less money going around, it is costing people more and more money every year just to live their lives. The rising cost of living combined with falling wages means that even those lucky enough to have a job are finding it harder and harder to pay their bills and make their money last.
Although the young have been hit the hardest, the research also shows that wages for people of all ages have generally failed to keep up with the spiralling cost of living.
Same Day Pay Arrives Same Day Bills To Pay
So what does all this mean? Well, it means that more and more people every month are finding it impossible to make their wages stretch. Unexpected bills and costs towards the end of the month can be catastrophic for people who find that their wages have disappeared days, even weeks, before their next payday.
In the past you may have been able to ask your employer for a payday advance, but in the current financial climate the chances of this happening are almost zero.
This is why more and more people are turning to same day loans providers for a payday advance. With a same day loan you can apply online in minutes and have anything up to £1000 in your bank account within 24 hours.
Same Day Loans Offer A Same Day Solution
Once you have the same day loan in your bank account you can use the cash for anything you want – clearing your bills, putting food on the table, going out to enjoy yourself or paying for some essential home repairs. Then, when your next wage goes into your account, you can pay back the payday advance.
It is important to remember that a same day loan will cost you a fee of around 25%, so only borrow what you are sure you can afford.
Always ensure that you can pay back the same day loan on your next payday. Provided you borrow responsibly, a same day payday loan can help you avoid extra bank charges, pay important bills on time and not miss important social events in your calendar.
You may not be able to do much about the wages situation, but you can take action to make sure that you are better equipped to deal with the rising gap between wages and the cost of living.
Same Day Loans can bridge the gap until payday
