Press Releases
How the press has covered payday loans
While many journalists have concentrated on covering the APR payday loan companies charge, few have addressed the lack of borrowing options many hard working Brits are offered.
Some canny newspaper writers have picked up on the more favourable rates fast loan providers offer when compared with traditional banks.
The Daily Mail discovered that someone who needed £100 to tide them over for a week could be charged less than £20 to borrow from a payday loan firm. While Lloyds TSB charges a monthly fee of £5 and a daily fee of up to £25 for going into an unauthorsied overdraft.
The Mail concluded that these loans are designed for people who need to borrow cash for a few days before they are paid but are not suitable for those looking for longer-term credit or who are unable to pay off debts within a few days.
Earlier in the year the same paper extolled fast loan providers who "operate in an ethical fashion that offers a valued service, rather than a trapdoor, for those that are struggling to access cash."
Loans for hard working people
Tim Moss, head of loans and debt at moneysupermarket.com, went further when commenting to the media about some calls to ban payday loans, saying that this would “prevent many consumers from accessing any form of legitimate credit and may force them into the arms of illegal money lenders.
Echoing Same day Payday Loans belief that working people deserve access to credit, Moss went on to say it was outrageous "to suggest that those that can't get credit from a mainstream bank or card company shouldn't be able to borrow."
"The reality is that for a loan of a day or two paydayloans can be cheaper than an unauthorised overdraft from a major bank. Clearly Payday loans are not suitable for customers looking for longer term credit or unable to pay off the debt within a few weeks."
More Sameday Payday Loans Press Releases
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