There has been a new report released this week by First Direct which says that around a third of households in the UK have as little as £250 of savings. The survey of around 1,000 households also found that around one in five have no savings whatsoever. It also found that the least prepared age bracket was between 25 and 34.
With this in mind, if households have an average monthly take home, £250 would only last around five days. This is the case for around six million households across the UK, meaning that if they stopped being paid, it could be a disaster financially.
The advice that is given by experts is that you should have about three months’ salary saved up in case of emergencies. Obviously this is easier said than done, so what happens if your cash does run out and you don’t have access to savings? What happens next?
Well, if this situation does arise, then a payday loan could be your best option. It’s p