Payday Loan Lenders May Offer More Appealing Rates than Bank Fees, New Study Shows.
Payday loan lenders have improved their rates and now offer
competitively pitched products that can beat bank rates and charges and
save consumers money, says comparison site PaydayLoan-Lenders.com
, April 30, 2013 /PRNewswire/ —
Consumers searching for fast finance options may be well advised to
look for a payday loan online rather than approach a bank or utilize a
credit card, suggests a study comparing rates and fees.
Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
Federal Reserve Bank Staff Reports released the
Defining and Detecting Predatory Lending study which showed that cash
advance lenders offer better rates that previously thought, especially
when compared to
Country: United States of America
I have recently found out that a check I wrote over a year ago bounced and never got paid and that I have a warrant out for my arrest.
fees, late payments for credit cards and
the financial consequences of missing bill payments.
The study illustrated that the
Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared.
rate for a bank bounced
check would equate to 100%
and the general late payment fee for a
credit card would correlate to over 700% APR. The reconnect charges and
late fees of most utility companies would be close to 1300% APR when
annualized. This is in stark contrast to the heavily regulated and
capped fees and charges applicable to payday loans in the U.S. states
that allow them. As such, online cash advance options, when used legally
and responsibly, are a beneficial and accessible emergency borrowing
solution with no hidden fees.
Traditional banks and alternative credit unions that are reviewing
their lending practices to make criteria tougher to pass are not in a
position to review cash advance applications immediately and grant
access to funds the next working day. The bureaucratic processes of
these avenues do not serve the needs of consumers that require fast
cash. Payday loan online comparison sites, such as
PaydayLoan-Lenders.com is supported by a consortium of top lenders that
have the means to assess applications there-and-the following the
submission of a brief online application form.
The process is simple, online, fast and secure. After hitting
“submit,” applicants can wait a few seconds to see on screen
if any of the featured payday loan lenders can offer a loan. There is no
obligation to accept any offer and consumers have the right to make
unlimited free searches until they find the right short term loan for
them. Approved and accepted loans can be paid into bank checking
accounts within 24 hours.
To learn more or to be considered by top lenders, visit:
Contact: Sam Malka +1-773-280-7571
SOURCE Payday Loan Lenders