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A lot of people find themselves in deeper spiral debt after availing payday loans. Because of this, such type of loan is getting a lot of publicity these days. In fact, many are asking help from the government if they can regulate credit companies that offer these types of loans after discovering that they have been charged up 4000% APR for late repayment fees.

However, amidst all the complains received from consumers, a published research of insolvency practitioners RS showed that 500 million British adults will still apply for payday loans  in the next 6 months. This means there will be 3.5 million increase of payday loan consumers. 13% payday loan consumers were able to pay off all their debts and still sustained their daily necessities while paying their debts.

“The truth is, there are only 6% payday loan consumers who find themselves in financial difficulties while paying back their loans”, Consumer Finance Association Chief Executive Russell Hamblin Boon said. “In fact, many of them were able to pay what they owe as scheduled”, he added.

Wise consumers can even use payday loan to work on their favor. Martin Harkins from Falkirk for instance took advantage of referral system incentives offered by one Credit Company and earned £50 as referral fees. “I used a cash back site and took a loan of £50. Since the charge is six pence a day, I paid it back right away the moment the loan was released and did not pay for any transmission fee. The best part is; the site offers £20 for referring your mates and partners and cash back of £15. Then, no need to use the program again”, Martin said.

Derek Wood also admitted that he’s been using payday loans several times now and did not find any issues about it. “I avail for this loan several days before payday. I don’t borrow more than £100 and as long as you stick at the amount you can repay then paying back would not be an issue”, Derek said.

“I use payday loans if I have no other option. If I can’t pay my due, I just cash out another check. It may not be an ideal cycle but I was able to go through all the repayments without any major drama”, Esther Munkey wrote on Huffpost’s Facebook. “However, it is silly to use this loan to buy shoes or other luxuries you want to buy right away”, she added.