Why people will always need short term loans

It is easy to be critical of the short-term loan providers, especially given the high-profile mistakes they have made in recent years. Certainly there was highly misleading advertising and dubious, unregulated practices by some companies within the industry that came to light back in 2013. And these will not be quickly forgotten even though the market is now highly regulated and closely monitored. But did you know that over 1 million people in the UK alone would not pass the credit checks required to open a regular current account at a high street bank – that s one million people who won t have access to the normal banking facilities that the majority take for granted, let alone access to any form of mainstream credit. By any standards that is a huge minority so to be critical of the short term loan market fails to recognise the needs of those million people here in the UK. Just like anyone else they have emergency situations that they cannot cover with cash and where many people wo


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