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UK People Going To Extremes To Repay Debt

by Jim ONeil on April 8, 2012

in Debt

Just when you think you have seen it all, along comes BuyMyFace. The brainchild of two UK students in debt, this venture involves using human faces as advertising space. After realizing that they owed loans worth a combined $80,000, the two students set out to create a plan for repaying the money.

They launched their website in October 2011 and have been selling advertising space on their faces for hundreds of dollars per placement.

A company purchases advertising space on the face of one of the students. The student then paints the ad on his face, takes a picture, and posts it on the BuyMyFace website. Anyone who clicks on the ad is taken to the website of the advertiser. Initially, the students charged £1 per day for an ad.

According to The Sun, an advertisement now costs over $600. The students reported that they have made over $50,000 in just 180 days.

Students from all over the world have caught wind of the idea and contacted the company, saying they would like to use their faces to sell advertising. So many students seemed to be saddled with loans debt that the founders are exploring the idea of creating a franchise business within the next two months.

This idea may sound outlandish but many people will go to great lengths to consolidate or repay debts.

Included in the more creative approaches to debt repayment is turning the home into a giant billboard. This idea has begun taking off in the U.S., where some homeowners are repainting their houses and hanging billboards on the exterior. One family in the Los Angeles suburbs is having their mortgage paid by the advertiser in exchange for their promotional efforts.

Homes do not need to be on busy streets to qualify and one company in the industry claims to have received applications from as far away as Japan and Russia.

UK residents need not go to such extremes to repay their debts. If they are only slightly behind with expenses, payday loans may be the solution. These are short-term, no credit check loans, which makes them perfect for people with low credit scores or those who need money until the next paycheck.

If they repay the loan within its initial term, borrowers limit their interest payment and are back to being debt-free.

More consumers are having trouble getting approved for loans bank offered, making alternative financing like this an attractive option. Though the loans APR is usually much higher, burdensome documentation is not required. Many payday lenders offer an online application that takes only minutes to complete and they provide an immediate decision.

Payday loans are also ideal for people who need cash quickly. Many lenders fund their loans as quickly as they approve them, directly depositing the money into a designated bank account. Once the money clears the bank, the borrower can use it to pay bills, cover last-minute expenses, or purchase necessities.

The fact that they need not paint their face or their home is a welcome situation.

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