According to a recent report there has been an increase in the take up of payday loans, and officials state that this reflects the difficulties that consumers are facing when it comes to affordability and when it comes to getting finance from a more mainstream source, such as loan and credit card providers. One charity has said that the increase in the take up of payday loans also shows how deep seated Britain’s debt problems have become.
Payday loans offer short term loans to those in employment. The loan amounts are usually very modest, with most offering up to around £1000 – although this is subject to income and financial status. The interest charged can be very high, although it is usually taken as a flat amount per £100 borrowed. The loan has to be repaid within a 30 day period, although some payday lenders will allow you roll the loan over the next month providing you pay the interest charges again.
Recent figures have shown that the take up of payday loans such as these has rocketed by around 55% since September of last year, and unsurprisingly this is around the same time that the global credit crunch took a hold in the UK. Many people may have found themselves turning to payday loans simply because they were unable to access any other options when it came to getting finance, but for many this could be proving an expensive decision.
One official stated that consumers need to try and manage their finances more effectively, stating: “Are you paying out more than you get in each month? If you are, then you need debt advice, to see where you can make cutbacks. You may need to negotiate smaller payments with your creditors…or your mortgage lender.”
What is an ATM card?
ATM is automated teller machine. ATM card is a bank card which looks like an ordinary plastic credit card. It allows us to get instant cash, deposit money; check the current and savings account balances recharge the mobiles, to get bank statements and much more anywhere in the world where ever the ATMs are available. ATM system is a foolproof system. Each ATM card will have a PIN or Personal Identification Number which only the card holder will know.
What are the benefits of having ATM cards?
ATM cards have made things much easier. It is the advancement over the cheque books. Nowadays ATM services are available in almost all the banks. Maintaining an account in a bank is the criteria for applying for an ATM card. ATMs are available at any corner of the world. ATM cards have international validity and cash withdrawal can be done throughout the world. With ATM cards we can also deposit money. They save time. There won’t be any need of standing in queue for banking purposes. ATM cards can also be used for shopping. There won’t be any need for carrying cash which increases the risk of being stolen. If the ATM card is stolen, the money will be refunded only in person.
Unlike the debit cards which can be used by anyone, the ATM card has a personal identification number that only the card holder knows and cannot be used by others. It makes the ATM system a failsafe system. The card will be replaced as soon as the bank is notified about the fraudulent.
The ATM cards can be used overseas also. For travelling overseas, there won’t be any need for carrying any foreign currencies or traveller’s check. An ATM card will be more than sufficient. Withdrawal can be made in the foreign country itself due to its international validity. The service charges are very low. The ATM system reduces lots of formalities of the banks.
Nowadays many software companies and industries are using ATM services to pay their staffs and workers.
What are all the disadvantages of using ATM cards?
There are only a limited number of drawbacks of using ATM services. One of them is the electronic hacking. The ATM cards can be duplicated and can be used to withdraw money by knowing the personal identification number. This is a human fault when the person let slip of the details about his card. ATM cards must be carefully preserved and any such theft must be notified to the bank immediately. Another disadvantage is that it cannot be used at merchants that accept only credit cards.
In general, the ATM services have become a globalized system. It has brought a lot of comfort in life.
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