Financial Evolution Of The Pounds Till Payday Phenomenon

Payday loans UK market has grown since 2008 with an incredible speed. Financial experts explained that this booming came from several reasons:

• Financial crisis
• Impulsive paper work requested for a normal credit
• Growing utility for virtual pounds
• Evolution of online customers
• Simplicity of appliance

While financial crisis has many and different explanations, most of them with inconclusive results, the four other factors for the payday loans market growth can be tracked and explained in detail.

Impulsive paper work requested for a normal credit
Most of us opened at list once the doors of creditors in order to apply for a loan, most of us also applied for a personal loan or private loan.

As there are many important banks who promote the “easiness” of getting a loan and the reduction of paper work, in reality, as you may know, you have to explain in detail what kind of loan you need, why you need it and what are your guarantees (personal residence, actual employer, etc.)
Other important factor is your relationship with other banks that you’ve worked with: are they satisfied with previous bank relationships?

Are you on any black list for late repayments? Have you ever applied for other loans?

If yes, did you respected the terms and conditions of that bank?

And all of this is traduced in lots and lots of paperwork. In total, a loan customer signs with approximation 14 papers before even getting the loan approval.

As the financial crisis should’ve simplify the paper work, the effect worked from bad to worst:

- some banks blocked the loan services for their customers
- other banks asked even more “physical proof” to their customers
- but most of them did nothing about the interest rates, or they increased it based on inflation motifs.

The conclusion was that something needed to be done in order to avoid a financial blocking at this level. So the customers where migrating to online loans.

Growing utility for virtual pounds

As this may sound as a “lame” reason for online loans migration, it is actually the main motif that helped the “pounds till payday” phenomenon growth.

In simple terms, the Internet is already a major tool for satisfying our needs. Ten years ago online payment security was questionable and web merchants where trying to secure, with no success, their online customer’s payments.

The reason was simple: technically the major companies where struggling to maintain their privacy and financially policies even if, technologically, at that time, that was an impossible task.

But, after ten years, everything changed and today, it is actually even more secure to pay online than offline, due to the extreme measures and state of the art software’s.
As the news travels fast and the word of mouth even faster, especially on the web, online customers where multiplying day by day, literally.

Websites where backed up also with top customer care services, risk free policies and 30 to 90 days refunds, witch make them even more trustworthy.

So, the online customers asked themselves a simple and efficient question:

Why only buying online, why not make everything online?

Like applying for a loan, borrow money, make trainings, and so on.

The result was the flourishing online financial market.

Evolution of online customers

Some of us know, most of us don’t that Internet services are a luxury product in many countries. Until recently, there was no wireless technology and we where proud to have 500 millions Internet users.

Today, the number will reach and easily overcome 2 billions. The conclusion: more users, more online customers, higher rate of purchase.

Simplicity of appliance

Ok, so we have the motifs of moving in the online environment, we have the security and we have the customers. Appears that nothing is missing in the picture.

Well, there is another key ingredient: simplicity.
No more clicks by clicks, simplicity came in online scene as a imminent need, and now, due to latest software, everything is just at a click away.

For example at http://www.pounds-tillpayday.co.uk you can apply for a £1000 loan and get approved in just 1 hour.

You can see and calculate the interest rate at just one click. There are no hidden costs and no paper work, no bad credit check or other “normal” fuzz. In conclusion easiness came first and the users love this.

Apply for a payday loan today: Pounds Till Payday