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Wage Day Advance - Keep It Simple In A Complicated EconomyComparing the economical situation of this decade, we can surely say that we are living a period of intense changing. (November 07, 2011)
The economists have concluded that the crisis will not pass until the people will feel hope again, after all there are only number and money. Do not think that we are short on money, or that we don't need the same products as we used to, no, simply the fragile equilibrium was damaged, mainly because of big corporations and banks. They have spent money that where not their own and the banks where the main lenders. We do speak about trillions of pounds. Also, the long term loans where destabilizing the economical situation at a different level, because the banks where artificially capable to support a 30 year loan, at a very big interest rate. In consequence, the average consumer was not capable of paying the credit and the whole banking system go blocked.
As a solution to this problem, the official small lenders appear on the market. Even the big banks have reinvented the system in the way of a payday loan. It appears that, as a short term solution, a wage day advance is perfect for the consumer and the bank, or lender. Simply, between you paydays, you can borrow up to £1500 for financial freedom or different urgent matters, by paying a small interest rate. Compressing the lending period, the consumer long therm worries and the enormous interest rates have disappear, on the other hand, the bank or lender is getting a small interest fee, enough to keep the business running. As a snow ball, at first, the payday loan market was severely criticized because of the short term loans, and because the lenders were not paying attention to the long term loans and solutions for de-blocking the banking system. As we said at first, because after the system was out, millions of clients considered that applying for pounds till payday was a very good solution.
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