Reasons why households take out payday loans in the United Kingdom 2012

Main reasons why people decide to take out a payday loan over other types of loans in Great Britain in 2012

by Statista Research Department, last edited Jun 20, 2013
Reasons why households take out payday loans in the United Kingdom 2012 This statistic shows the main reasons UK households have for taking out a payday loan over other types of loans in Great Britain in 2012. At 52 percent of respondents, the most common reason cited was that it was the only kind of credit they could get. The speed of obtaining the loan was a main reason for 35 percent.
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Main reasons why people decide to take out a payday loan over other types of loans in Great Britain in 2012

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Share of respondents
Only kind of credit I can get52%
Speed of obtaining loan35%
Cheaper than borrowing from bank25%
Used before/familiar with it21%
Conenience/customer service16%
Easier than getting loan from bank5%
Recommended by someone else3%
Flexibility of payments3%
Prefer not to borrow from institutions2%
Other reason1%
No answer2%
Share of respondents
Only kind of credit I can get52%
Speed of obtaining loan35%
Cheaper than borrowing from bank25%
Used before/familiar with it21%
Conenience/customer service16%
Easier than getting loan from bank5%
Recommended by someone else3%
Flexibility of payments3%
Prefer not to borrow from institutions2%
Other reason1%
No answer2%
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by Statista Research Department, last edited Jun 20, 2013
This statistic shows the main reasons UK households have for taking out a payday loan over other types of loans in Great Britain in 2012. At 52 percent of respondents, the most common reason cited was that it was the only kind of credit they could get. The speed of obtaining the loan was a main reason for 35 percent.
Show more
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Statistics on "Personal debt in the United Kingdom"
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