Figures and facts about quick payday loans – food for thought

The default loan has, understandably, become a popular choice of loans among Danes in short supply in recent years. It has never been easier to borrow money, but what do the figures really say about the Danes’ attitude to quick payday loans and their use of same loans? And more specifically, what do Danes think about their quick payday loans after taking it? And how many mortgage loans are actually taken up by the Danes? Here are some facts and figures about the quick payday loan that may make you consider an extra time before impulsively borrowing money online. It is not dangerous to take such a loan, but you have to think about it so that you do not end up being part of the negative statistics!


As I said, the quick payday loan is a popular loan among the Danes

And the popularity has only increased in recent years. In 2010, approximately 20,000 mercury loans had been requested over the counter, worth a total of $ 37 million. In 2014, these numbers had risen, so there were now about 160,000 quick payday loans. Of these 160,000 loans, approximately $ 430 million was distributed. This is a significant increase, but despite the many loans and large loan amounts, the Danish borrowers have not to a great extent had a good experience with the quick payday loan alone.

According to the Competition and Consumer Agency, about 40% of the borrowers surveyed regretted that they took out a quick payday loan, and approximately the same number thought the loan ended up being more expensive than they expected. More than half of the respondents had not considered other loans as an alternative to the quick payday loan before sending the signed loan agreement. In addition, every fourth borrower is unable to repay his loan in a timely manner, which means that fees are imposed. This just makes a loan even more expensive than it was before, which can ultimately result in a bad experience borrowing money online as a quick payday loan.


While consumers’ disappointment with the price of the quick payday loans

It goes beyond the reputation of the quick payday loans, one should not forget the positive figures that are the ones that lure customers to the store. Most providers of this type of loan will receive you an answer within an hour. In some, you will already receive a response within 15 minutes, others will work with even shorter waiting times. You can sign with Easy ID, which means you can have the money in record time. Sometimes the money is put in the same day, other times you have to wait a day or two. These conditions make the quick payday loan a sought-after loan, as the number of borrowers also tells. This is despite the fact that mortgage loans may be a more expensive alternative to other types of loans.

Our call is therefore to keep you in mind. Many Danes saw that the quick payday loan was not what they expected. To avoid becoming part of that statistic, it is important that you prepare to take out a loan. You can do this by doing your homework properly before you borrow, and you can consider if there are other alternatives that might be better and cheaper in the long run.