Banks pulled in £38 billion in overdraft fees last year, paid for by consumers who didn’t have enough money in their bank accounts to cover their debit card purchases, ATM withdrawals and automatic payments. One way to keep that fee money in your pocket instead of the banks’ is to remain aware of cash advance loans and payday loans in addition to other options when funds run low and bills come due. Like visiting PaydayAdavnceuk.co.uk.

Is that £6 debit card purchase really worth the extra £30 you might have to pay in an overdraft fee? Of course not. With Payday Advanceuk.co.uk, our payday loans and cash advance loans can help you steer clear of those charges. The banking industry loves to speak about serial borrowers and those that choose not to explore other funding options.

Those who use Cash Advance Loans or payday loans as an occasional cushion against an unexpected expense or to pay a bill that can no longer be ignored are very much aware of their alternatives. These people have jobs and checking accounts, otherwise they wouldn’t qualify for a payday loan. They make choices involving money all the time.

They include borrowing from family and friends, using a cash advance from a credit card, using overdrafts and receiving money from a charity or church.

However, as we know, borrowers pay dearly for cash advances and overdrafts. According to a Money Wise analysis last year, bank overdraft fees applied to two weeks of credit are equivalent, on average, to an APR of 696 percent – far higher than the APR for a payday loan.

Even accessing a handout from a charity entails a cost – in time, at least, and perhaps in oversight or counseling that the recipient would rather do without. You rarely just walk into a church, tell your tale of woe, and waltz off with money to pay Con Ed.

A study conducted by University School of Business found that many payday loan customers do in fact consider their options. In fact, “a considerable percentage of customers believed that they could have borrowed from a friend or relative” but chose not to. Many who advocate for the banning of payday lenders fail to take into account the emotional weight that borrowing from family members carry. So, to them is it really better for those in dire situations not to be able to dig out?

We at Payday Advance Uk feel otherwise.

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