The main reason for this could be that banks have very strict regulations on borrowing and it’s definitely much more difficult to get a loan from a bank than from a Short Term loans company.
That said it is crucial that you only look at the best and prominent payday loan companies out there, like Wonga.
Wonga is currently ruling the Short Term market with loads of television and radio adverts as well as competitions etc. They are also a multinational company with offices in the UK, Spain, South Africa and Canada.
The biggest difference between using a payday company or bank is that you can get a loan much quicker from a payday company and without any documents and you can apply online and get an instant decision within minutes.
Consumers should always have a clear vision on how they will be able to repay the loan and should definitely stay away, if they cannot afford to.
If you do require a Short Term loans, then you should only look at Wonga in that regard, since you know they will offer world class service and they have been around for a while now and only continue to grow.
Short Term loans offer quick and instant access to funds, but if you do feel that you require a secured loan form a bank, please do so and contact your nearest branch to find out what documents are required.