Chicago, IL -- (SBWIRE) -- 04/03/2013 -- Payday loans have been described as ‘predatory lending’ by many of those against the practice, which seeks to give out short term, high interest loans. If used correctly these loans can help borrowers out of a tight cash flow problem however according to ShortTermLoans.net the level of transparency in the industry has been very poor. ShortTermLoans.net has come out strongly in favour of the British government’s new reforms to the Financial Services Bill which limits the interest companies can charge and pushes for transparent lending practices.
Short Term Loans is a company that promotes simplicity and clarity in its process, using a simple process by which individuals apply and then are taken through a thorough review of the loan terms before agreeing to the loan, whereupon they instantly receive the cash they need so desperately.
The cash loans they provide have long been well within the new limitations, requiring the company to make no changes to their practice, but the bad news for their competitors is great news for them, as their moral stance now sees them way ahead of the curve.
A spokesperson for Short Term Loans explained, “So many payday loan companies are in uproar and even more in utter turmoil as they try to navigate the minefield of new legislation that limits their previously exploitative behavior. We are superbly placed in this new market place because we have been operating under self imposed guidelines of a similar nature of years, meaning we have effortlessly transitioned into the new practices and are already best placed to best serve customers looking for affordable ways to bridge the gap between paychecks when disaster strikes. We will continue to look at providing standards above and beyond what the rest of the industry provides, we hope to be a flag bearer for how to provide payday loans ethically.”
About Short Term Loans
ShortTermLoans.net provides payday loans of up to £1,000 which can be available to the borrower within 15 minutes. This allows borrowers to meet unexpected bills or other short term financial issues. ShortTermLoans.net strives for transparent lending practices and is a critic of the payday loan industry that it belong to believing many payday loan businesses prioritise profits over treating the customer fairly. For more information visit http://shorttermloans.net