Education the Key to UK Payday Loan 'Crisis' Says Mr Payday Loans

August 30, 2012 (PRLEAP.COM) Business News
As consumer groups by the dozen continue to argue that the payday loan industry should be abolished and outlawed in its entirety, new lenders continue to spring up like mushrooms after a downpour. The debate as to the merit of the industry as a whole has never been fiercer, though proactive payday loan websites like Mr Payday Loans are suggesting a mutually beneficial way forward one of comprehensive education and honesty.

According to MrPaydayLoans.co.uk - while the actual figure swings wildly from month to month an alarming percentage of the UK public admits that it really doesn't understand how payday loans online work. What's more, up to half of all UK payday loans customers admit that regardless of how successful or otherwise their contract turned out to be, they weren't really sure what they were getting themselves into.

John Cummings from the company explains;

"The trouble is, on one side of the equation there are the consumer groups rendering the whole industry a taboo subject, while lenders in their hundreds fight to retain any support."

"In the middle of all this is of course the consumer who must in turn flip a coin and guess which side of the fence to stand on."

"Needless to say, the situation is one of little to no benefit to any of the involved party. Some say the answer is greater caution from the consumer, some say the consumer groups need to back off and others suggest that the government steps in to take control of the whole industry."

Mr Payday Loans is an advocate for simple and concise public advice and education of a 100% neutral nature.
And for the critics arguing that a national campaign of payday loan education is a little far-fetched, Cummings elaborates more;

"The creation of credible, fair and neutral third-party online resources; detailing exactly how a person can go about using same day loans safely and with confidence, away from the hearsay and scaremongering of the tabloids, is what we are aiming for."

Mrpaydayloans.co.uk is a leading authority on personal finance and the provision of safe and simple payday loans. Along with providing invaluable services for thousands of consumers every month, the team at Mr Payday Loans shares an enormous passion for furthering the industry through transparency and education - rather than the usual name-calling and unjust sensationalism.