Why are borrowers turning to payday loans?

Payday Loan concept formula on a chalkboard

People often start using payday loans because they can’t get loan requests approved by their bank due to a poor credit score. Payday loans are also popular because the money is deposited into the customer’s account the same day of the request; a bank loan takes time to process.

Safe, easy and convenient

Borrowing money by taking a payday loan is safe and useful if you need the funds quickly. Payday loans are convenient to apply for, and it isn’t considered in a bad light any more. Consumers are protected by legislation that makes the industry more accountable and increases security. Most lenders already followed the legislation before it was implemented, but now all lenders have to follow it compulsorily, making it even safer.

Ever since these new laws, consumers find payday loans even more alluring; safety is very important in a financial situation, especially if you are indebted financially to another. There is now no stress about sudden increases in interest rates.

Find the best payday lenders

The allthelenders website is the first comparison website in the UK dedicated to payday loans. The site is authorised and regulated by the FCA, and is renowned for offering 100 per cent independent comparison results. Finding payday lenders is easy, quick, safe and convenient with allthelenders.