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Merry Christmas. Don’t be Alarmed if You Need Us on the Other Side

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Payday loans have suffered a lot of bad press, but the FCA have helped to clean up the industry that has earned itself such a bad reputation in the past.

Hopefully the tighter regulations will give consumers more confidence should they wish to take out a short term loan.

After comparison website uSwitch.com conducted a survey, Michael Ossei, their personal finance expert concluded: “What is becoming clear is that, executed the right way, payday loans serve a purpose in helping many families bridge the gap between bill payment day and payday, at a time when living costs have risen 25% in five years. The need for short term loans is escalating and those most in need of money, often with poor credit ratings, have been turned away from the banks and left to feel they have no other option.”

Traditionally this is the time of year that most of us spend more than we intend to – sometimes out of choice and other times it’s just the circumstances. Everything costs more this around now and it is hard not to get swept along and wrapped up in the whole ‘Christmas spirit’ bunched together with the new year party atmosphere.

Money Advice Service released the results of their research a few weeks ago which revealed that around 1.4 million people in the UK intend to use short term loans to help them fund this Christmas. They estimate that the festive season will cost the typical citizen approximately £530.

Many have changed their view and have decided to take a different approach this Christmas by completely scrapping the buying of presents altogether. However, there is still the pressure that exists from feeling compelled to entertain our loved ones and the expenses that can entail along with it.

If used for the correct reasons a payday loan can be a useful tool to help you into the new year and ease some of those pressures.

Loan user Derek Wood told HuffPostUK that he had used a short term loan company  “a few times and not had a problem.”

Mr Wood added, “I use them for small loans a few days before payday. As I see it, as long as everything’s upfront and nothing hidden I don’t have a problem and as long as it’s a small amount (no more than £100) then you’re hardly paying back a fortune. Bottom line is don’t borrow what you can’t repay as soon as you’re paid.”

Review websites have lots of personal positive experiences from people who have taken out a payday loan over the festive holidays. 

One reviewer who called himself (or herself) Vic, wrote on review centre said, “After my cash run out over the festive season I was in need of a few extra quid. 

“I came across payday loans in the previous month and after I have experienced their lightning fast service I knew I had to at least give a proper review somewhere. I must say that the payday loan company really know what they are doing. Big up to the company team and keep up the good work. I can’t really remember, but I think it took them within 15 minutes before the money was in my account. Like I said great job.”

PaydayLoan123 does not encourage anyone to use a payday loan for the unnecessary or unimportant things in life, but we understand there are certain occasions that they can be very handy and can help. When financial burdens become very pressured in the short term then we believe they are totally justifiable.

Therefore, if the festive season just gets too tough to cope with financially, we will do our best to help.

About the author

David Griffin David Griffin trained as a graphic designer and now helps PaydayLoan123 with social media. He is a born and bred Londoner who has recently moved out of the capital and is probably missing it a little too much. He enjoys fishing, playing golf and working out at the gym, when he feels energetic enough!

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