A new report from PricewaterhouseCooper (PWC) states that although the number of people using credit cards is on the decline, the need for credit by consumers has seen the rise of the payday lender in its place.
As consumers turn away from credit cards or are unable to obtain credit from mainstream lenders, we are seeing increasing evidence of consumers seeking alternatives such as so called ‘pay-day loans’. The convenience and innovation offered by alternative lenders are encouraging a broader and more prosperous selection of consumers to choose their services over banks.
Simon Westcott, director, continued:
“Mainstream lenders need to aware that what may have begun as a last resort, could be an enduring relationship as consumers are pleasantly surprised at the convenient and innovative service they receive from these smaller, more agile providers.
“As these providers become more conventional, we are likely to see them venture further into the mainstream market with their own credit-card, longer term loan products or even current accounts.”
If you are struggling with debt, or in trouble with payday loan companies, then call us now on 0800 988 7701, or complete our contact form, and talk to a trained debt advisor for no obligation debt advice.
