HERTFORDSHIRE, ENGLAND, November 23, 2010 (Press-News.org) Following on from some harrowing statistics published by national money education charity Credit Action*, payday loan company speed-e-loans.com have highlighted how that some figures in the public domain do not necessarily reflect the whole loans market place.
MYTH ONE - payday lenders pile debt on already indebted individuals
Statistics from Credit Action show that average household unsecured debt in UK is GBP17,838. However, the average debt of a speed-e-loans customer is GBP8,193.
Says Gary Miller-Cheevers from the company: "Our target market is employed individuals who want a relatively small, fast cash advance ahead of their next payday - and who have the means to pay it back as agreed."
MYTH TWO - payday lenders pile unmanageable levels of debt on people who cannot afford it
Mr. Miller-Cheevers comments: "We vet all of our customers very carefully, with over 90% of all applicants being declined".
A typical speed-e-loans customer takes home GBP1,430 pm and the average loan is GBP220 or just over 4 days net pay - a small amount in comparison to the actual income.
MYTH THREE - payday borrowers are at the lower end of society
The average speed-e-loans customer is a professional person in full time, stable employment:
- over 25% of speed-e-loans borrowers are employed as either a nurse, doctor, teacher; are in the armed forces; or in the police or emergency services, showing that speed-e-loans customers are in stable employment;
- in addition, 7% of all borrowers are solicitors, accountants, or financial advisers - professions that are traditionally associated with a higher wage;
- 29% of speed-e-loans borrowers are homeowners;
- 86% have lived at their current address for over a year;
- 100% of speed-e-loans customers are in full time employment.
Mr. Miller-Cheevers summarises: "According to a lot of the information in the public domain, payday loans and heavily indebted people on low income go hand in hand. Our figures prove that this is not the case. We lend responsibly to average-to-high income earners who are financially-savvy enough to know that payday loans can give them an often cost-effective way to get a quick cash injection until their next pay day."
*Credit Action
**speed-e-loans data for the period February 2010 to October 2010
speed-e-loans.com is a practical alternative to banks that can no longer help their customers with their short term financial needs. Privately backed by people who understand our customers, our mission is to provide instant decisions and two hour money whenever they need it.
We are at the cutting edge of modern consumer finance by offering small, short term loans online with real speed and ease. We are flexible and paper free which means you can apply using our easy-to-use website whenever you need cash in a hurry. We also offer a prepaid MasterCard that can be loaded with your payday loan. We have a consumer credit licence from the Office of Fair Trading.
Website: http://www.speed-e-loans.com
More Payday Loans Media Myths Exposed, Says Speed-e-Loans.com
Following on from some harrowing statistics published by national money education charity Credit Action*, speed-e-loans.com have highlighted how that some figures in the public domain do not necessarily reflect the whole loans market place.
2010-11-23
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[Press-News.org] More Payday Loans Media Myths Exposed, Says Speed-e-Loans.comFollowing on from some harrowing statistics published by national money education charity Credit Action*, speed-e-loans.com have highlighted how that some figures in the public domain do not necessarily reflect the whole loans market place.