Research Shows That Online Payday Loans Are One of the Fastest Growing Segments for Lenders
Tempe, AZ -- (SBWire) --11/11/2011 --New tires for the car. An unexpected trip to the emergency room. An afterhours call to an electrician to fix a circuit breaker in the house.
These are just a few of many examples of what can and does happen in an average month to many people. For those who are living paycheck to paycheck—which, according to research, is a significant number of Americans—these situations are not only stressful, they can also figuratively break the bank.
Having extra expenses can use up money that was earmarked for groceries, bills, or other living expenses, and if payday is not in the immediate future, it can be pretty difficult to make it until the next paycheck comes in. Traditionally, people needing extra money would head to their local bank to ask about a loan, which would involve a lengthy and time-consuming application process.
A new website is already getting a lot of attention for its ability to help cash-strapped people get the money they need—quickly and as stress-free as possible. OnlinePaydayLoans features a simple and easy application that clients can complete right on the homepage of the site that will start them on the process to getting their payday loans.
As is the case with all lenders who handle online payday loans, certain restrictions do apply: for example, applicants must be typically 18 years or older with a checking account, a phone number, and a steady income of usually at least $500 to $1,000 a month.
But as the website explained, for people who meet the qualifications, payday loans tend to go very smoothly.
“Compared to a traditional bank, a payday lender has no interest in why a borrower needs the money,” an article on the site said.
“A bank will often require collateral and the loan’s reasons. Even then a bank can decline a loan request very easily. A payday lender isn’t as difficult to work with and won’t ask about a borrower’s reasons for needing a loan.”
For clients who would like to try for a payday loan, but are feeling unsure about the process, statistics have shown that they are in good company. As of 2009, a federal government study showed that about 25 percent of Americans had consulted a payday lender or similar service in the past year.
OnlinePaydayLoans is a new website that offers visitors the opportunity to apply for online payday loans deposited into their bank accounts, often within hours of completing their application on the website. The website also features articles about the many different types of payday loans that exist. For more information about OnlinePaydayLoans, please visit http://www.onlinepaydayloans.com
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