Tempe, AZ -- (SBWIRE) -- 11/22/2011 -- According to Payday Loan Solutions, bank depositors in need of quick loans are foregoing the new direct deposit loans offered by banks in favor of other payday loan service providers. The cash advance lender is a non-lending service that connects eligible short term loan seekers with its network of trusted cash advance lenders.
A number of banks in the U.S. now offer direct-deposit loans to long-term account holders. These short-term loans are proving to be unpopular with those in need for several reasons. Recent studies indicate that these loans can have an annual interest rate of 365 percent to 400 percent based on the typical lending terms of 10 days and depending on the loan amount that remains outstanding. “In addition to the stiff fees, the banks get paid automatically once money comes into the customer’s account, potentially creating a cycle of indebtedness,” said a Payday Loan Solutions specialist.
Payday Loan Solutions is cautioning payday loan and short term loan seekers to shop around and pay attention to the details. “As a matching service and not a bank or direct loan provider, we can remain totally objective when it comes to finding the perfect loan,” said the specialist. “Our clients are able to pay back the loan the next time they get paid, and our lending institution standards are strict so we only send our clients to those who meet them.”
With no credit check necessary, payday loan applicants merely fill out a short online questionnaire and can get pay advances of up to $1,000 in 24 hours. Eligibility requirements include being 18, at least six months employment in their current job, U.S. citizenship and a current bank account. Once the application is approved and the applicant has accepted the terms and conditions of the loan agreement, the money is deposited into their bank account.
The repayment specifics are based on the applicant’s personal loan eligibility and vary per customer. With 100 percent satisfaction a guarantee, applicants can stop the process at any time. “We feel that our service provides short term loan seekers with the best options, but we encourage everyone to do their homework as all short term loan providers are not created equal,” said the specialist.
For more information, please visit http://www.paydayloansolutions.net
About Payday Loan Solutions
Payday Loan Solutions is a national service that matches those in need of short term loans with the right lending institutions based on client applications. As a service provider rather than a lending institution, Payday Loan Solutions maintains strict standards for its eligible loan institutions. Loan approval is based on the client meeting their minimal eligibility requirements and agreement to the terms and conditions of the loan agreement provided by the lender.