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
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.
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 get | 52% |
| Speed of obtaining loan | 35% |
| Cheaper than borrowing from bank | 25% |
| Used before/familiar with it | 21% |
| Conenience/customer service | 16% |
| Easier than getting loan from bank | 5% |
| Recommended by someone else | 3% |
| Flexibility of payments | 3% |
| Prefer not to borrow from institutions | 2% |
| Other reason | 1% |
| No answer | 2% |
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