Wild, Wild West Comes to UK with Loan Arrangers

St Peter Port, Guernsey, United Kingdom, July 24, 2006 --(PR.com)-- Ever found yourself short of cash for a vital bill but your bank just won’t extend your overdraft? Suddenly needed to cough up for something urgent but had no way of getting hold of the money before pay day?

“Until now, the UK short-term loan industry has been limited to those “cheques cashed here” shops seen lurking in seedy back streets,” says Abbi Rouse, spokesperson for Inter Financial Limited, who own Loan Arrangers, the first company to offer cash advance loans online to UK clients. “We wanted to make it easier for people to get instant cash advances.”

“Lots of people are not only frightened when they realise they can’t meet their obligations before pay day, they’re ashamed,” says Abbi. “I’ve had clients on the phone who are speaking in whispers – they’re desperate but they don’t want anyone to know it.”

So how does it work? “It used to be all about post-dated cheques,” says Abbi. “But we’ve moved beyond that now. We take a client’s debit card number online at www.loan-arrangers.co.uk and an assurance that funds to cover the loan will be in the client’s account by a certain date. Then we arrange for an instant cash transfer. The relief for someone with no other way of getting that money is immense.”

But what is the cost to the client? “It's not low interest,” says Abbi. “A pay day loan isn’t for someone who can arrange a normal loan or an overdraft. This is for people who've been refused credit of that type.”

“Our clients are often people with poor credit history – bad debt or county court judgments – the people most likely to find themselves in desperate straits but who cannot usually raise credit.”

But should loan companies be offering credit to people in this situation? “Where else can these people go?” asks Abbi. “Their only other option is the last measure - the neighbourhood loan shark. Although our fees can be steep, they’re a flat fee, not accruing interest. And we’re a company, run by understanding people – we’re not going to break your knee caps if you can’t pay up!”

So, what happens then if a client cannot pay back the cash advance on the day specified?

“We do offer a rollover until next payday,” says Abbi. “But this isn’t something I personally recommend to anyone because of the high rates. If you’re unable to pay off the whole sum, you should definitely reduce it as soon as possible. This is ideally about a short-term loan, not a long-term trap we want to see people fall into.”

So, Pay Day Loans have finally been modernised for the UK customer. To find out more, visit the Loan Arrangers website at www.loan-arrangers.co.uk or call Inter Financial Limited on 01481 701350.

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