The daily wage in the USA, according to The Pew Charitable Trusts, is $ 46 billion. 12 million adults every day will experience Payday Loans. This is 1/4 of all borrowers. The rest use bank loans. According to statistics, each such borrower receives 8 credits a year and overpay 25% of the loan. But what if the bank does not give the next loan or a crippled credit history and you can not take money from other sources?
Of the many options for solving financial problems, most prefer – Payday Loans Online. These loans can be very expensive if you neglect the terms of payment and the amounts taken from the creditors. Many states, at the moment, introduce strict legal protection measures against this kind of services. Because, the lion’s share of money does not come to city budgets in the form of deductions from banks, but settles in the pockets of creditors, in the form of interest rates paid on loans. This is harmful to the US economy. And they are fighting with them, at the official and legislative levels.
But, before fighting such financial services, it would be necessary to create favorable credit conditions for ordinary people in banks, then there would be no ordinary people’s thoughts, take a loan elsewhere. And so, it only aggravates the internal financial situation of the country.
Why do people use this kind of services?
The first thing to note is the convenience of this service. A simple application can be made online from a mobile phone.
The second advantage is the application itself. Do not fill in tons of various forms, questionnaires and forms. Online application contains only a couple of pages of only the necessary information about the borrower.
The third and main advantage is the speed of approval. Your application will be reviewed within 5 minutes. And after this time, you will already be aware of the decision.
Do not forget the important factor that in such services, a bad credit history is not a negative factor for obtaining approval. It is simply not taken into account here. Accounting only the solvency of the borrower at the moment. And based on this, you either get approval, or not.
And if you got approval and made a contract, then the next business day you get money on the account.
Simplicity, convenience and speed are the preferred factors, due to which, most people use this type of loans.