Election unlikely to alter consumer appetite to borrow.

In a recent survey commissioned by LendFair 76% of those questioned said a change of Government from the coalition to Labour would not alter their borrowing plans.

 

Further, 17% of those surveyed said they would borrow less under a newly elected labour government.
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Over 1.3 million people will consider borrowing from a ‘loan shark’ this year

Survey reveals a worrying trend now that payday lenders have been regulated 

Guarantor Loan specialist LendFair commissioned a survey which reveals that over 1.3 million adults in the UK will use or be tempted to use a loan shark in the next 10 months and this figure is expected to rise now that new regulations are in place for pay day lending. The survey was designed to highlight borrowing habits across the UK but unearthed a number of unexpected facts that include the following:
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How to find a loan shark

Look for the man with the baseball bat accompanied by ‘Terry’ the minder; sorry read Bentley convertible and Cartier watch, accompanied by Harry the martial arts expert. He may well be operating in a pub near you.

 

“Ok, payday loans are no longer viable since the interest rate cap and absolute maximum on charges was introduced at the start of the year. This means payday loans will dry-up and the loan sharks will take over”.
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Is big best? We don’t think so.

We have noticed a couple of the bigger Guarantor lenders, including Amigo, are not offering the most flexible and therefore cost effective options to potential borrowers. So take Amigo for example; you can now only borrow in increments of £250 and periods of whole years; 1,2,3,4 or 5 years.

 

This means if you wanted to borrow, say £1,300 over 14 months, you would have to chose £1,500 over 2 years. Cost in interest £725.28
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