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Everywhere you go in the UK during the downturn, you never seem to be too far away from an advert for a payday loan.

In Middlesbrough, offers for quick and easy access to cash are found in the window of a converted church. In London, competing loan shops can be found on opposite sides of the street.

Payday loans are offers of relatively small amounts on credit to “tide you over to the next wage packet”. The industry says its typical customer earns £18,000 a year.
Competition in the area has mushroomed in 2009, according to an interim report by the Office of Fair Trading (OFT) into the £35bn high-cost credit market.

But the reasons for this are not just because consumers need the cash – it is because the lenders are short of access to funds too.
Matter of timing
The “success” story of payday loans is a tale of the credit crunch and the recession.        
I am concerned that so many people are relying on these forms of high-cost lending
Consumer minister Kevin Brennan
The global banking crisis suddenly turned off the tap of wholesale funding for banks and for specialist lenders.
With availability and access to wholesale funding having dried up, specialist lenders moved away from offering large loans and are now offering smaller, shorter-term loans.
It has also affected which customers they want to lend money to.
So the number of providers of payday loans, that offer less than £1,000 for a short period of time, has risen sharply.
“Such lenders are less dependent on wholesale funding, due to the smaller loan size and the quicker returns available on small-sum, short-term loans,” the OFT report on high-cost consumer credit says.

John Lamidey, of the Consumer Finance Association trade body, says that the increased competition has come from existing lenders or pawnbrokers moving into the payday market together with brokers and introducers, rather than a herd of new entrants.
Regulations, introduced at the start of 2005, allowed lenders to offer these loans online. These internet offers still have room to grow, he says.Source : http://news.bbc.co.uk/

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