It is a common theme that the older generation, although used to an economic model and system that embraced borrowing on a grand scale for many decades, was generally sceptical of payday loan services when they became popular a decade or so ago. There was good reason of course, with many horror stories of payday loan sharks that hit the headlines over many consecutive years, and many people left with a mountain of debt that was impossible to climb out of, due to unacceptably high interest and fees. There is a modern version of payday loan companies however that is much more responsible and more forward thinking than their predecessors, yet it is still common for a younger generation to apply for payday loans in the modern age.

For many young people in the UK (and the ages that this counts up to can reach into the mid-30s these days) they feel like they have been left behind by the older generations, left to handle crippling debt with an economy and government that is not enough of a help during troubling financial times. It is a generation that is naturally carrying more debt than those generations that have come before them, and it is for that reason that they might be more inclined to look for financial support from payday loan and other short-term loan lenders when needed.

There are so many things that young people are paying for, and paying off, as they work through the first few years of adulthood after leaving home. There could be several reasons why a person looks for short-term help through a payday loan. Young people are paying off high student loans, car finance and car insurance, rent and mortgages, finding a deposit for a mortgage on a first home, setting up businesses, and when you put all of that money together it can be hard to keep up with everyday life and payments that may have been accidentally missed.

Traditionally a young person would have been able to walk into his or her local bank and speak to the bank manager. They would know them by name, and be able to talk through the current predicament, and work out a plan of action moving forward. This could be assistance with a flexible overdraft arrangement for a short period of time, or a larger loan taken out with a good interest. This is no longer possible, as most banks are automated, with decisions made on applicants through computer systems and credit checks. Traditional lending sources are much stricter with criteria these days, whereas reputable and responsible payday loan providers have the scope to offer assistance even to those applicants with poor credit (as long as they can demonstrate that they have a job and can afford to pay back a loan on time).

There is help out there, whether you are a young person with poor credit looking for short-term help until your next payday, or an older person burdened with debt and in need of a quick fix to help you out of a jam.

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