Reasons for and consequences of taking out a payday loan in Great Britain 2013
Those who have taken out a payday loan in the past six months, which of the following apply to you?
This statistic shows the reasons for and the consequences of taking out a payday loan, as reported by respondents in a survey of adults in Great Britain in 2013. Of the 94 respondents that had taken out such a loan, 48 said that they regret taking out a payday loan and 35 percent said that taking out a payday loan would make it harder to pay other bills next month.
Those who have taken out a payday loan in the past six months, which of the following apply to you?
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| Respondents | |
|---|---|
| I took out a payday loan because I couldn't get credit anywhere else | 53% |
| I regret taking out my payday loan | 48% |
| Overall my payday loan has made my financial situation worse | 42% |
| I took out a payday loan because it was easier than applying for credit elsewhere | 39% |
| Taking out a payday loan will make it harder for me to pay other bills next month | 35% |
| I took out a payday loan but couldn't pay it off, so had to get another one | 27% |
| I took out a payday loan but had to use my bank overdraft to make a payment on my payday loan | 17% |
| Overall my payday loan has had a positive impact on my finances | 13% |
| None of these | 5% |
Source
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Statistics on "Personal debt in the United Kingdom"
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