Russell Hamblin-Boone, Chief Executive of the Consumer Finance Association, which represents major short-term lenders operating in the UK, said:
“The positive experiences identified in the uSwitch.com report come as no surprise. Those who have first hand experiences with short-term loans find borrowing a small sum for a short time a safe and convenient way to use credit, however people who don’t use these loans tend not to like them. Our own research of CFA members’ customers’ identified that people across the UK have changed their attitudes towards borrowing with many choosing a short-term loan instead of a longer term option such as a credit card, bank loan or overdraft facility.
“However, we always remind people to borrow from reputable, responsible lenders. CFA members are committed to raising standards and offering greater consumer protections through an independently monitored code of practice.”
For more information, or for interviews with the CFA, please contact Rhiannon Thompson email@example.com or on 07834 266 639