Payday lending has become an exploding industry over the last few years. This financial product has become extremely popular, thanks in no small part to their easy accessibility. Advance cash shops have sprang up all across the nation as payday loan lenders see the rising demand for these loans.
Payday-Loans
As banks turn more and more people down, advance cash lenders are taking up the slack. By offering no credit checks for instant cash payday loans, the advance cash lenders are able to provide loans to people with bad credit and because they focus on the present day situation of the borrower, not their past. Everyone has mistakes in the past that they regret but mistakes with a person’s credit can cost them for many years as banks, car lots, mortgage companies and other lending institutions will turn them down for money. This is where advance cash steps in and takes over by offering instant loans to people that otherwise would be unable to attain the cash from any other source. There are millions of people with bad credit and no credit so all of a sudden these 24 7 cash loans companies have found a huge customer base… all to themselves!
Another factor that has made 24/7 cash loans so popular is the ease and simplicity of the online application process. Even the application process in the loan payday loan stores is easy enough, but the online process makes it possible to apply and receive the money all from the comfort of their own homes or anywhere that you have access to a computer or laptop. At the land-based advance cash shops, the lenders may ask for a postdated check or ACH bank withdrawal authorization and the online payday loan lenders will usually ask for the ACH authorization.
Other types of loans such as a no-fax loan payday loan have made the industry rise in popularity also. Now many advance cash lenders do not require the faxing of any paperwork and usually there are no telephone calls required either. In many cases instant cash loans can be obtained without ever dealing with a live person, it can all be accomplished online as long as all the requirements are met and no additional info is required from the borrower for the advance cash loan.
Banks saw the rise in popularity of these advance cash loans and decided they wanted a piece of the loan payday loan industry. They began making loans to lenders and even joined into partnerships with some of the advance cash lenders so they could offer the loan to people in states that had prohibited these types of loans. People who want advance cash all across the nation can now obtain these loans by simply logging into a computer, clicking on a payday loan website, filling out the paperwork, meeting all the requirements and waiting for the money to be deposited into their bank account. The ease and simplicity of these advance cash loans have made the payday loan industry more popular than ever.
Some helpful links regarding Payday loans:
http://www.oft.gov.uk/news-and-updates/press/2012/11-12
http://en.wikipedia.org/wiki/Payday_loans_in_the_United_Kingdom
This entry was posted on Tuesday, September 18th, 2012 at 3:52 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.