Understanding the Benefits of Short-term Borrowing
When it comes to short-term borrowing, a payday loan is the service that most consumers recognize by name. Simply put, it enables consumers to receive money before their next paycheck when they find themselves in a financial quandary. This is one of the easiest lending services to qualify for, as there are typically no credit checks required. Most consumers with a qualifying source of income will qualify, so we encourage you to read the following information and decide if this convenient service will work for you. We are confident you will find our free matching service invaluable when it comes to short-term monetary solutions.
- The average annual income of our borrowers is $37,500.
- The majority of applicants are working class, middle-aged consumers.
- Close to 50% of customers are homeowners.
- 94% of those that borrow graduated high school, and over half have at least some higher education.
- 100% of approved applicants have consistent incomes and a checking or savings account as both are prerequisites in order to take out funds.
Fact vs. Fiction: The Realities of Unsecured Borrowing
You may have heard some detractors speak against short-term lending practices. Let's face it, payday lenders sometimes get an unfair shake in media representations and news features. Far from the depictions of loan sharks that prey on the poor, elderly and minority groups, our affiliates are selected based on their sterling reputations and commitment to offering the best customer service in the business. The terms and conditions contained in the consumer lending agreement are laid out clearly, so there will be no surprises for the customer. We understand you work hard for your money and sometimes need a little assistance to cover unexpected expenses before your next paycheck arrives.
How the Service Came to Be
It is hard to believe that as little as two decades ago, these services did not play much of a prominent role in society. Even ten years ago, the only way to get a short-term advance before your next paycheck was to visit a brick-and-mortar store, wait in line and fill out complicated paperwork. It wasn't until the Internet rose to popularity that consumers had an alternative to physical locations. Once online lenders joined the marketplace, there was suddenly an unprecedented demand for the electronic service. Consumers could get the money they needed directly deposited into their checking or savings account - without leaving their homes! This convenience was almost impossible to beat.
The online alternative to in-person borrowing has continued to grow in popularity, thanks to free services such as ours that allow individuals to apply for funds and be paired with the provider that best meets their needs. There is no paperwork to fill out and you won't have to worry about the liability of holding on to large sums of cash or keeping track of a check. Additionally, you won't have to make a second trip to a loan store if you want to request a rollover or extension. Anything you need can be taken care of online, without hassles!
Consumers are Protected
It is important to note that consumers are protected when relying on short-term loans. In fact, there are many regulations put in place to ensure they are treated fairly throughout the entire process. For example, the terms and conditions are laid out clearly in the consumer agreement so you can see the applicable fees up close and make a decision based on them. This practice is required by the Federal Truth in Lending Act (TILA). In addition to Federal regulations, 34 states have additional laws dictating the process. They include caps on requested amounts in addition to limits on the installment lengths and how many consumers can take out. These laws ensure consumers will not become over reliant on them. They also prevent usury, which is the term that describes lending money with unreasonably high interest rates.
Those in the military are protected by even more stringent rules. As you can see, there are plenty of safeguards put in place to ensure consumers are protected when using these services, similar to any other type of loan. Next time you hear someone speaking against the industry or services, consider the aforementioned information. You will be able to make an informed decision based on facts, not emotional talking points.
How to Get One
When you are ready to apply, you can use our simple form in order to do so. This ensures you will have access to the most trusted providers who can help you bridge the financial gap until your next paycheck. Once you have submitted the application, we will use it to match you with the company that is best suited to help you in your specific situation. The chosen provider will send you a consumer agreement that we encourage you to examine closely before signing. Once you have returned the signed electronic document, you can expect funds to be directly deposited into your bank account quickly!