Great News for Borrowers as Payday Power Doubles Loan Approvals
September 05, 2010 (PRLEAP.COM) Business NewsPayday Power offers an instant emergency loan finding service to employed people over 18 in the UK. It uses a bespoke lending engine which queries all top UK lenders in real time in an attempt to find the applicant a loan as quickly and as simply as possible.
The latest upgrade has meant they could add an additional 7 lenders to their loan application process and after extensive testing have updated their website with the additional lenders. The new process has been running almost 1 month and August's loan approval figures are double those of July's figures.
"The fact that we have doubled the number of people we lend to is fantastic news. In these tough economic times when money is short we offer an ideal alternative to the banks for a quick cash payout. We are also anticipating doubling our figures coming up to Christmas this year" said Julian, Creative Director at Payday Power.
Interest in Payday Loans has been growing at a rapid rate. As figures from Google trends show, there appears to be a 30% year on year increase of people searching for payday loans in the UK.
These numbers are echoed in a recent article by the Guardian in which, "payday loans figures have quadrupled to a staggering £1.2 billion which was borrowed last year alone."
The survey carried out by Consumer Focus also indicates that "payday loan borrowers take out an average of 3.5 loans a year, with an average value of £294."
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