Instant cash payday loans are all over the news lately. In America, many states are looking to ban payday loan lenders altogether or at least cap the APR that they charge. In the UK, instant cash payday loans are in the news and certainly causing a stir, but not yet to the degree as in America.

Here’s one article from Mirror.co.uk investigative reporters Penman & Sommerlad about payday loan companies that are based in the UK. Yikes!

Instant cash payday loans have high annual percentage rates, but it cannot be said enough that APR’s are an annual rate and cannot accurately be applied to short, 30 day loans. Also, any responsible lender will clearly state on their website that instant cash payday loans are for cash emergencies and are not meant for regular use or a supplement to your income.

With all the bad press that payday loans are getting, many new companies are boxing clever and sticking a new name on an old product. Don’t be fooled by the “microloans” and “microcredit” tags and always read the fine print.

Everyone can rest assured that with all the changes in the market, SameDayCash will continue to work with reputable lenders when connecting UK consumers to short term loans for cash emergencies. We may call short term loans by multiple other names, but we’ll continue to stress that these loans are for cash emergencies and they need to be repaid within a month. A borrower should always think about the affordability of a loan before they borrow any money.

This entry was posted on Tuesday, May 5th, 2009 at 5:00 pm and is filed under Emergency cash loans, Payday loan industry, Responsible borrowing.