They trusted us
Click for the details
Staying out of the red
Opaque terms and conditions
Payday advance apps have become an increasingly popular alternative to payday loans and we anticipate that they’ll become more popular. [...]
You’ll likely see the expansion of product offerings to include those that help their customers save more, ranging from budgeting tools to discounts.
- Customers would rather borrow large sums online (an average of £290) than on the High Street (£180).
- Digital lending is a thriving market on its own: 83% of payday loan customers have taken out a loan online.
- Compared to high street borrowers, online customers are more likely to repay loans in full on time and are more confident about their ability to repay the whole sum within the deadline.
- Payday loans are spent on essentials: 53% of UK customers spent their loan money on living expenses, e.g. groceries or bills.
- The payday startups market is currently thriving in the US, but the UK presents a high potential for this sector.
- Cap regulations introduced by the FCA resulted in a reduced number of payday loan customers.
Netguru in numbers