The advertisement of payday online and on TV has been blamed for luring people into the illusion of easy loans. As a result there have been calls from many sectors to regulate the laws of advertisement so that potential borrowers are warned of the high interest rates and charges that come with these loans. This calls have increased in recent times due to the rising number of people taking these instant loans, for example according to the Consumer Credit Counselling Service, the number of Scots taking payday loans has doubled. With the current level of unemployment and economic stagnation of most economies the increase of people taking out payday loans is quite worrying since most of the people are already facing a great debt burden and payday loans only add to their problems instead of solving them. The ease with which they can be obtained has also been cited as another contributing factor to the rising number of people taking payday loans. Currently one can apply for the loan online and receive the money within a few hours; some payday loan providers do not even require that you fax any documents.
Source: http://www.stmissouri.com/finance-and-money/payday-loans-better-than-you-think/
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