Londoners Biggest Users of Payday Loans

Sept. 13, 2011 - PRLog -- It appears that people in London may get through their wages quicker than others around the UK, as site statistics recently released by a leading instant loans service have revealed that it is people from London that visit the website most frequently and apply for a payday loan.

The site statistics were released by www.InstantLoansDirect.com in a bid to discover which cities around the UK were most reliant on payday loans; suggesting that they were the ones to spend their wages the quickest each month. This follows recent site statistics from the site which found middle earners were the most reliant on payday loans.

When taking all customers into account since the site went live in March, which would be approximately 75,000 people around the UK, the cities that visit the website most frequently to apply for and take out an instant loan are as follows:

1. London
2. Manchester
3.Birmingham
4.Leeds
5.Liverpool
6.Glasgow
7.Edinburgh
8.Sheffield
9.Newcastle
10.Portsmouth

InstantLoansDirect.com also looked into which areas were borrowing, or asking to borrow, the highest amounts of money. Despite people in London being the ones to most frequently visit the website and apply, it was those living in Birmingham that requested the highest amounts, averaging out at £300 per application; the highest amount available for a first-time borrower on the site.

InstantLoansDirect.com is partnered with and powered by Harvey and Thompson, a responsible lender that has been established for more than 100 years. The site offers an interest rate that is around 90% lower than the likes of Wonga and aims to change the face of expensive payday loans.

Giles Coutts, founder of InstantLoansDirect.com, commented on the findings:

“We’re always keen to analyse our site data to find out more about the trends surrounding applications for instant loans. A couple of weeks ago, we announced that it was middle earners that were the most reliant on ‘payday’ loans and now we’ve seen that it’s people from London who are requesting instant loans the most.

“I think there’s a common misconception that it is only low earners or those from poverty-stricken areas that have a need for instant loans, but that couldn’t be further from the truth. You could be quite well-off and budget for all your outgoings each month, but if something unexpected like a car repair bill crops up, you’re going to need to arrange something.

“Instant loans can offer the speed and convenience consumers need in these circumstances, but we’d only ever recommend taking one out when you know you can afford to pay it back in the near future. For only 50 pence a day in interest charges per £100 you borrow, taking out an instant loan can be a sensible and low cost option for an emergency need.”

LINK http://www.InstantLoansDirect.com

ENDS

For more information, please contact Shannon Haigh of 10 Yetis PR Agency on 01452 348211 or e-mail shannon@10yetis.co.uk

Editor’s Notes

Instant Loans Direct is a ground-breaking online loans service based in the West Midlands, that aims to provide customers with fast access to short-term personal loans with brilliantly low interest rates; when compared to other market-leaders and lenders, Instant Loans Direct has one of the lowest interest rates going, almost 10 times lower than Wonga.

Launched in July 2011 and founded by Giles Coutts, Instant Loans Direct has an exclusive partnership with a large PLC, H&T pawnbrokers, in order to provide consumers with payday loans that have such a low interest rate.

Customers borrowing through Instant Loans direct pay 50p interest per day for every £100 they borrow. The maximum amount available via Instant Loans Direct is £300 and the lending period is a minimum of 4 days and a maximum of 30 days. Rates can be compared to other lenders here.