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There typically a higher interest fee charged on payday loans than on other loans from standard loan providers. This is simply because the loans are a lot riskier than regular. There are no credit rating checks or background checks on borrowers and no protection specifications. This is why these loans are pricey.
I work in consumer finance in the UK.
Payday Loans
BEIJING, Nov. 29 (Xinhua) -- To improve consumer goods, increase supply and make the tertiary sector a new growth driver, China will allow more investment from private and non-government entities, according to an official with the top economic planner Tuesday.
"With its huge consumption potential, China needs to improve the institutional environment to increase the flow of [non-government] capital to help upgrade consumer goods and increase supply," said Zhao Lidong, an official with the National Development and Reform Commission (NDRC), at a press conference.
Consumers want higher-quality products and services, while farmers, driven by faster income growth, are consuming more goods compared to their urban counterparts, said Zhao.
To address this situation, the central government on Monday issued guidelines to boost consumption of services, as it believes more consumption in these areas will help improve people's lives, and contribute to economic restructuring and new growth.
Tourism, elderly care, and the cultural, sports and health industries were earmarked as areas to benefit from investment, as well as education and training.
"Some stadiums, for example, have been left idle. We will encourage their owners to open their facilities to the public and help them find investment," said Zhao.
The official said the authorities will guide consumers toward energy-efficient products and develop standards for emerging technology and products such as smart homes and wearable devices.
He noted that the government will also roll out higher standards for domestic products to attract consumers that usually buy foreign products.
China's economic restructuring is beginning to bare fruit, with consumption playing a more conspicuous role in growth, accounting for 71 percent of GDP growth in the first nine months, 13.3 percentage points higher than a year earlier.
Authorities will also open up the elderly care market since the nation's aging population brings great opportunities for this industry, said Hao Fuqing, another NDRC official.
It is no secret that China's aging society is one of the nation's foremost social issues. There are more than 220 million people now over 60 years old, 16.1 percent of the population, and both the absolute number and the percentage are growing.
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