Why do these cash loans online get such a berating?
Cash loans are still prone to quite the battering from the critical masses of the UK, who for one reason or another remain hell-bent on damaging the reputation of those behind such services. However, enough time has now passed for a few genuine facts to have been taken not of and several schools of thought quite frankly ruled out as both unfair and absurd.
Nevertheless, there will always be those who seem to take great pleasure in dubbing the fast loans industry a frank ‘disease’ that society could do with banishing once and for all – somehow blind to the fact that millions of satisfied customers would be lost without them.
So with this in mind therefore, where exactly does the cash loans industry stand today and what has been done to help silence the critics?
Generally speaking it is all about awareness as a good 99% of all concerns surrounding cash loans can be put to rest simply be asking the right questions. And needless to say, a good 99% of said questions again revolve around nothing more and nothing less than the APR figures attached to loans, which by rights appears to be not just comparatively high, but downright criminal.
If for example you were to be offered a credit card or a mortgage with an interest rate of 2,000%, you better be destined to win the lottery or face a pretty sketchy future. Why? Because these kinds of credit services are designed to go on for far more than one year and are thus heavily influenced by their Annual Percentage Rate…aka their APR.
Now, take payday loans on the other hand and things are quite different. Given the fact that cash loans which are due to be paid back in no more than a month have technically no connection with an annual rate of interest, the APR attached to them doesn’t mean a thing. Nevertheless, it is UK law to list the APR with any such product and thus the confusion continues.
However, look past the surface demons and you’ll actually see that no credit check loans online from decent lenders never cost more than £25 for every £100 borrowed – neither scary nor unreasonable.
A Genuine Lifeline
What those of a critical nature fail to take into account is the way in which fast cash loans are genuine lifelines for millions of families all over the world who from time to time find a small cash advance is needed to prevent any number of hideous consequences. As such, take away the option of the payday loan and you summarily take away their only options for fast and simple help in a time of crisis.
Several years of same day loans across the UK have proved that to refuse help to a person in need is to make their financial situation even worse and perhaps cross the line into irreparable.
Payday loans stand for the exact opposite – helping those in need, when they need it most and preventing so many across Britain from falling any further down a slippery slope.