Paydays are an integral part of every employee’s monthly budget. It is the day most earners get to indulge in their favorite restaurants and new clothes without feeling guilty about it.
However, a Nationwide Building Society survey suggests many people struggle to resist the urge to spend their wages. Nearly one in five workers report spending more than half their money within 48 hours after getting paid.
Payday loans are a type of short-term credit option that must be paid back by your next payday. They’re usually small and can be used for various expenses like paying off bills or replacing broken items. However, they can also be quite costly so only use them when absolutely necessary.
They may be an option for those with poor credit histories or who do not have access to traditional high street lenders. Unfortunately, these loans are not suitable as long-term debt solutions due to their relatively short repayment periods and often high interest rates.
Despite recent efforts to regulate them, payday lending has seen a meteoric rise. This paper contends that this growth is primarily driven by three trends: income insecurity, financialisation and an influx of payday lenders on high street shelves. Through qualitative interviews with customers, this paper paints a more nuanced portrait of this sector while stressing its risks.
Equal pay day
Equal Pay Day is a holiday observed annually to draw attention to the wage gap that exists between men and women. It serves as a reminder that despite advancements in the workplace, many women still need to work longer hours for equal income as men.
In 1996, the National Committee on Pay Equity (NCPE) created this holiday to raise awareness about gender pay gaps. Each year since then, this date changes annually, marking when women’s wages begin to equal those of men from the previous year.
This year’s Equal Pay Day falls on March 24.
In the United States, women typically need almost one full year to catch up to their male coworkers in terms of earnings. And this gap is even larger for women of color.
Women seeking to advance within corporate hierarchies, break into male-dominated fields, or make as much money as their male counterparts must put in double the effort. This issue should be taken seriously by talent management professionals.
Payday lenders are a type of short-term loan that can assist with unexpected expenses. Also referred to as payday advance loans or cash advances, these types of credit are widely available in the UK.
Since 2008, payday lending has seen a meteoric rise in popularity due to declining wages and household incomes. Many people found themselves unable to manage their finances effectively.
These companies are typically found on high street locations, offering payday loans and pawnbroking services. However, there are also several online payday loan providers that provide short-term flexible loans to UK citizens.
They are overseen and regulated by the Financial Conduct Authority (FCA), who set limits on their fees and interest rates. They have earned a reputation for being responsible lenders who treat customers fairly. When making loans, they assess whether customers can afford them, while offering multiple repayment options.
Payday loan advertising
Payday loans are a form of short-term credit provided by authorized lenders. They’re an efficient and speedy way to borrow money, available both online and in stores.
These loans can be a lifesaver for those facing unexpected expenses or emergencies. Unfortunately, they’re usually expensive, so it’s essential to be aware of their features and potential costs before applying.
The payday loan industry in the UK is rapidly expanding, injecting millions of pounds into the economy each year. Unfortunately, it has also been criticised for charging high interest rates and neglecting to treat customers fairly.
The Office of Fair Trading has called on payday lenders to alter their business practices and stop exploiting vulnerable consumers. It also requested a review into the industry’s treatment of customers. According to the regulator, they have seen evidence of financial loss and personal distress among some customers.