(UK) 8 October 2012 -- The 2012 Payday Loan Sentiment Survey, I Hate You Payday Loans, revealed 37 per cent of consumers said payday loan lenders use deceptive marketing tactics.
“It's become a legal way of ripping off the most desperate and needy people in society. The companies make out that they are sympathetic and helpful, but they are just profiting from other people's misery and need. If an ethical company - such as the Co-Op - were to do this type of loan, I would have less objection,” said one consumer and survey participant.
A recently released infographic, Who Hates Payday Loans the Most, visually explores the hatred surrounding payday loans from the point of view of consumers, payday loan borrowers and other influencers. It also seeks to bring clarity to Britons who are on the fence seeking more information.
Consumers’ Hatred for Payday Loans
Almost half of consumers surveyed reported media outlets as their biggest influence over the payday loan industry, with 36 per cent of consumers and borrowers associating the word “predator” to payday loans.
Something as simple as a Google search returns more than 645,000 results for the query “payday loans” + “predatory.”
More than 80 per cent of survey participants said that high interest rates are the worst part of the payday loan industry, while 42 per cent said the industry requires stricter regulation to improve the financial service.
“People tend to take this type of loan to get them through to the next pay day, but what happens next month? after paying the money back and the extortionate interest they find themselves in a worse situation than they were before and need to take another loan to get to the next pay day, and so the cycle begins,” said a survey participant.
About I Hate You Payday Loans
The survey found that 44 per cent of borrowers chose to take out a payday loan because they had no other credit option. Almost half used their loans for everyday living expenses including rent, groceries and utility bills.
Payday loans are not the ideal financial alternative, but millions of Britons apply each year. The I Hate You Payday Loans campaign aims to bolster financial awareness and educate payday consumers. Learn more about the 2012 survey and smart borrowing, here.
This press release was distributed by ResponseSource Press Release Wire on behalf of 100 Day Loans UK in the following categories: Personal Finance, Business & Finance, for more information visit https://pressreleasewire.responsesource.com/about.