London, United Kingdom (PressExposure) September 09, 2009 -- 24/7 Moneybox, who specialise in providing instant payday loans, draw clientâs attention to pressure being levied at banks to start lending more readily.
The recession is hitting hard - people are finding it more difficult than ever to make ends meet - however banks continue to refuse loan applications in favour of making broad economic contributions.
The Governor of the Bank of England, Mervyn King, stated that to cut costs he is considering slashing the interest they pay on cash held in reserve accounts - an amount which has grown from Â£90.6 billion at the end of 2008 to around Â£157 billion in the first half of 2009.
This comes at a time when the bank stunned many by injecting Â£50 billion into the economy for quantitative easing. King stated the British economy needs ârobust growthâ to stable its footing.
The government has put pressure on banks to open up lending channels more - loans to non-financial corporations dropped by a record Â£14.7 billion between May-June 2009. King however, highlighted the vital role of banks in stimulating recovery - growth will be curbed until they start lending again.
With bank loans unobtainable for many people the answer is 24/7 Moneybox - they offer payday loans of up to Â£800 and giving clients a breathing space from their financial commitments.
"Banks are more often a closed door when asking for a loan in the current economic climate, whether you have good credit or not," says James White of 24/7 Moneybox. "We offer a quick and easy solution to your cash flow problems whatever your circumstances."
To find out more about 24/7 Moneybox visit: http://www.247moneybox.com or call 0871 312 0247 (calls cost 10p per minute).