In contrast towards the nearly wholly negative depiction of payday lending as ‘extortionate’ and ‘predatory’ by the media and campaigners

In contrast towards the nearly wholly negative depiction of payday lending as ‘extortionate’ and ‘predatory’ by the media and campaigners

, borrowers talked about good areas of this as a type of credit when it comes to the simplicity of access, plus the power to keep dignity, privacy (especially pertaining to online payday borrowing), duty and liberty. Even though the problematic facets of payday financing truly deserve attention (see section that is next, nearly all pay day loans are, indeed, repaid on time (CMA, 2014a).

The borrowers within our test generally appreciated the fact that the online application process for an online payday loan ended up being simple and easy quick. They liked the reality that that they had usage of credit the day that is same perhaps not within one hour of these application being accepted. Some also liked the anonymity of this online procedure while they felt embarrassed or ashamed they needed credit and failed to wish to feel judged. The want to keep dignity/avoid pity has perhaps not been formerly highlighted in relation to payday financing but fits with present research regarding the part of pity in terms of poverty (Walker, 2014).

Shame-avoidance had not been the reason that is only preferring online practices. In some circumstances where people had utilized a face-to-face retail payday loan provider they stated they’d been addressed unfairly or had also been provided more credit than they desired. Continue reading “In contrast towards the nearly wholly negative depiction of payday lending as ‘extortionate’ and ‘predatory’ by the media and campaigners”