The FCA's 2023 report indicates that over three million adults in the UK used high-cost short-term credit, primarily due to the increasing cost of living. As many individuals turn to quick loans for emergency expenses, the article outlines different types of quick loans available, such as payday loans, same-day personal loans, and credit union loans. It also highlights where to obtain these loans, including high-street banks and online providers, emphasizing the importance of comparing interest rates and opting for loans with lower costs whenever possible.
"Payday loans come with very high APR rates (sometimes over 1,000%), so they should be used only as a last resort."
"With the rising cost of living, many people turn to quick loans for emergency expenses like medical bills or car repairs."
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