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Payday loans back in favor with consumers

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Payday loans back in favor with consumers

The negative connotations associated with payday loans may be a thing of the past, as more and more consumers look to utilise the service.


LeadAffinity.com, who give website owners an opportunity to offer their visitors access to multiple lenders in the UK Payday Loan market, have announced continuing growth for their Payday Loan Affiliates in terms of conversions and commissions paid in the month of May 2011.


The number of Payday Loan Leads received by Lead Affinity has in fact grown 40 times in the last 12 months.


“The APR’s are the biggest “shock factor” when it comes to Payday Loans for consumers. The problem is that the APR, being an Annual guide, is not really a fair reflection on a loan that could only last 7 days. It is not uncommon that during a mortgages lifetime a customer will pay off double of the original amount borrowed – at an APR of less than 10 per cent. However, a Payday Loan at 1734% APR could see a £250 repayment on £200 borrowed – total payment back of 25 per cent,” said Chris Burgoyne of Lead Affinity.


“I think if you asked the average person in the street the comparison levels of interest between a 6% APR mortgage and a 1734% APR payday loan they could well be surprised.”


Mr Burgoyne added that the diminishing availability of credit on the unsecured market may also have driven people towards alternative forms of finance, such as payday loans. 


 “May 2011 was a record month for us, and our affiliates, and with some high profile strategic partners joining us this month we look certain to set a record month this month also,” he said.

 




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