Nurses applying for Payday Loans

New studies have shown that the amount of nurses applying for payday loans has shot up in recent years. After Theresa May’s well publicized press conference where she refused to discuss why many nurses were having to make ends meet by going to food banks so that they could feed their families, the spotlight has truly been on the NHS nursing community and how they are coping financially.

The possibility of a nurses’ strike is imminent – nurses have seen a pay freeze in action for the past few years since 2011, and many of them are finding that they are unable to cope with the rising costs of inflation and are resorting to a whole host of different measures to make ends meet.

New research has shown that on average, 17 nurses a day are applying for payday loans and in the past 6 months alone, over 3000 nurses have taken out a payday loan in order to keep up with their bills, tackle the rising cost of living and make ends meet. This has come as a huge surprise to many of the authorities, and there is strong talk that nurses across the country will soon be striking as a way of making their voices heard.

What is a Payday Loan?

A payday loan is an instant loan process. Even those with bad credit can apply, making them one of the first choices around for people who are struggling to make minimum payments on credit cards on time, for people who need to pay bills and for people who are faced with an unexpected emergency that they need quick access to funds for.

Who Can Get Payday Loans?

Everybody, no matter how bad their credit rating, will be considered for a payday loan. This makes payday loans one of the first choices of nurses and others who are struggling financially.

The rate of inflation has risen at such a rate that for nurses who have had their pay frozen for the last 6 years are unable to cope with meeting the financial demands of everyday life. Surveys and studies performed showed that nurses were accessing hardship funds provided by universities and study institutions, using food banks and taking out payday loans just to cope financially. But how long can this carry on?

There are huge fears that nurses will soon have a nationwide strike because of their pay freeze. More and more nurses are taking out payday loans, and in the last 6 months this number has increased hugely. A nurses strike will cost the NHS and the country a huge amount of money, and there are fears that the health service will not be able to cope with the demands on it if this nurses strike goes ahead. There are also many vacant nurse positions now available – hospitals are struggling to recruit new nurses as the pay conditions are no longer viable for them to earn an income from.

With all these startling new figures being released, there is no doubt that the health service is in crisis, and the government seems to be doing nothing to combat this. Until the pay freeze is taken away and nurses are able to earn wages that rise in line with inflation the possibility of a strike is very real, and the amount of nurses taking out payday loans, applying for hardship funds and using food banks just to help them maintain financial security is going to rise more and more each month. With 17 nurses per day currently taking out payday loans and no end in sight to the pay freeze, there’s no telling when a strike may happen.

Wonga customers may be compromised

Have you ever taken out a payday loan from Wonga? If so, your information may have been compromised. The firm suffered a serious data breach by hackers, and the personal details of many of their customers who lived in the North East of the country are at risk. All these customers have been emailed to inform them of the breach, so any customer who has had an email from Wonga about the data breach should check this straightaway to see what steps they need to take.

The estimated number of customer details stolen is almost 300,000 current and past customers from both the UK and Poland, and the data stolen is said to have: “may have included one or more of the following: name, email address, home address, phone number, the last four digits of your card number (but not the whole number) and/or your bank account number and sort code.” Wonga are working closely with the authorities to try to fix these problems, and as far as they know their customer’s account names and passwords are safe – however, customers are being advised to check for anything unusual on their accounts.

Wonga is currently being investigated by the authorities. They have alerted the police, the Information Commissioner’s Office (ICO) and the Financial Conduct Authority (FCA) to the breach. However, these organisations say that they will be investigating Wonga to see if the company could have done more to prevent this. Every company that deals with financial lending has to be governed by strict rules and regulations, and they need to show that they are doing everything in their power to prevent hacks and to prevent the data that they store being compromised in any way. They will also be doing a full audit of their own security systems to prevent this happening again.

Wonga are one of the many companies that are offering payday loans to customers. They were a company that hit the headlines recently during the major crackdown by the FCA that was targeting payday loan companies, reporting a pre-tax loss of £80.2m in 2015, up from £8.1m the previous year.

Payday loan companies such as Wonga offer short term payday loans, without the need of approval from a bank. They give their customers the opportunity to take out short term, high interest loans and consider everybody, even if they have a bad credit rating. There have been huge crackdowns by the FCA to regulate payday loan lending companies, as many of them were attempting to charge their customers more than they had been quoted.

There are many reputable payday loan companies operating, and recent studies by Which? have shown that in many cases, taking out a short term loan from a reputable payday loan company actually works out a lot cheaper than using an unauthorized overdraft facility from a standard bank account. If you choose the right company and choose a company that you can trust to take a payday loan out from, then you may well find that it’s the best financial option available to you. When you’re looking for a payday loan company, check that their website has contact details and has all the proper licenses in place – the general code of lending documents should be readily available to all consumers on their website – and you should be able to get in touch with people via the phone if you need to speak to them. All good sites will tell you exactly how much interest you will pay if you take out a loan for a specific out of time, so you’ll know exactly how much your loan will cost you upfront.

Is Your Credit Score a Big Issue When Getting Payday Loans?

For those who want to get personal loans but have bad credit scores, the terms and regulations of application would translate that your likelihood of getting a loan application approval is next to impossible. However, the realm of lending and financing has drastically changed over time, thanks to the rise of the internet.

The roadblocks that previously convinced those with very bad credit scores to abandon the idea of getting a loan, have now been lifted, and now more people are able to be benefited by this shift. The idea is hinged on the fact that getting financing from lenders now no longer means getting to a bank and has an appointment for your loan. Now, there are other alternatives.

Basically, online lenders are now more approachable for many consumers as a whole, however the range of personal loan types that are readily available, are payday loans. Now, the issue of getting the needed funds is not as relevant as they were before.

Turning To The Internet

The introduction of technology and the internet has forever changed our lives and now how we secure personal loans even with a really bad credit score. While traditional loan providers have the tendency to stick to their old-fashioned criteria, the web has now relaxed the criteria and opened opportunities to everyone. Now, online lenders are more flexible, lenient, charges low interest rates than banks and will approve your loans fast. Obviously, there are criteria needed to meet in order to get your loan approved. First, you have to be at least 18 years old, holding regular employment where you get monthly income, and a bank account.

Although the interest rates are far higher than those found on traditional lenders, they are still a bit higher than those charged to applicants with very good credit scores. However, since these loans are structured for those with bad credits cores, the online lenders are rendered to be the best option.

Payday Loans

In the past years, the payday loan has becoming widespread and popular. It must be due to the ease with which one can obtain them.  As a matter of fact, those consumers looking for personal loans with bad credit scores, payday loans are the easiest ones to secure.

This is basically due to the fact that credits cores are disregarded. With the security from the borrower’s paycheck, hence the name payday loans. As a protocol, getting financing from lenders will need the requisite provision of proof of capacity to repay.

 

Bidding Loan

If you have a bad credit score, another thing you can do aside from payday loans is to bid for a loan online, making it easy for borrower’s to obtain even huge personal loans with bad credits looming over their pockets.

The entire system operates by borrowers making loan proposal on websites, where members of the site will start bidding on the loan terms and interest rates. The borrower with bad credit will then choose the best off the bids. This strategy often puts the borrowers in the forefronts.

All these options are available to you at your disposal, all despite the fact that you do not have a good credit score. You can choose from personal loans, payday loans, or bidding loans. The choice is all up to you!