Payday loan demand trebles over Christmas period

By Sarah Engle, Fri 20 Jan 2012 - Published in Loans

The demand for payday loans trebled over the Christmas period last year compared to 2010, according to a money lender.

Loan company Speedeloans has said that its figures show three times more people turned to payday credit to get through the costly festive period. Despite the rising amount of loans being handed out the firm revealed that its customers were had 30 per cent less debt than in 2010.

At the beginning of January a survey by YouGov on behalf of Shelter Scotland revealed that 936,000 people within the UK were turning to payday loans in a bid to save over the previous 12 months.

James Falla, personal debt expert at beatmydebt.com, wrote for the website: "A combination of factors has lead to a higher take up of payday loans. One of the primary reasons is the increased advertising particularly TV marketing campaigns carried out by payday lenders in the run up to Christmas."

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