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Yorkshire expects more payday loans

Yorkshire expects more payday loans

 



Video transcript

People living in Yorkshire are more likely to take out payday loans than previously, but many of these customers may be able to get a longer term solution if they have ongoing cash flow problems through other loans such as personal loans, secured loans for homeowners or even guarantor loans.

Any of these might help to nip the need in the bud and get homeowners and tenants alike on top of their cash flow.

Insolvency trade body R3 indicates that six per cent of Yorkshire folk reckon that they`re likely to take out a short-term loan in the next six months.

By comparison, that figure was just three per cent when the region was last polled in June, although both figures are significantly down on the 12 per cent peak experienced in April 2012.

Nationally, the figure also comes in at six per cent so Yorkshre is not standing out as such overall.

It is the younger generation that seem to be most susceptible to using them, with 13 per cent of 18 to 34 year olds indicating that they`re likely to take out a payday loan by the summer, compared to four per cent of people aged 35 plus.

Chris Wood is the Yorkshire R3 vice chairman and he notes that "it is still a matter of concern that payday loans are disproportionately attractive to younger generations", noting that the lack of a decent credit score may hold them back from getting more traditional forms of finance.

First Choice Finance is a loan and mortgage broker and have access to numerous loan solutions, some even those who don`t have a good credit rating.

To see if we have any loan products that are of interest simply find out more without obligation at firstchoicefinance.co.uk or by giving us a ring on 0333 003 1505 or 0800 298 3000.
 

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