Loans for Bad Credit; People Seek Alternatives to Banks
Loans.net, Provides Network of Private Lenders
DETROIT, March 13, 2013 /PRNewswire-iReach/ -- After years of loosened rules, banks are making it very difficult to obtain loans for bad credit. People who are in need of loans, whose credit has taken a hit, find themselves searching for alternatives. Many borrowers contend that this irresponsible action by the banking industry caused the economy to tank in first place. In an ironic twist, many people who would have been considered good risks before this happened now find themselves in a high risk category, because of loss of employment or devaluation of their homes. Now that they have tightened the lending rules on loans for bad credit, people who always try to pay their bills on time are suffering.
Citing increased demand for loans for bad credit, people find themselves turning to private lenders. Loans.net, one of the first and most respected lender introduction services, says that much of their business comes from people who would never have had issues before the Wall Street debacle. "These loans for bad credit people are going to those who take pride in doing the right thing", says Yonni Rossa, spokesman for Loans.net, "Many of our clients are hardworking people who simply need a bit of cash to stabilize them as they recover from a tough period in their lives." Surveys show that people are applying for private loans because they had their credit scores lowered due to pay cuts or under employment, adding that banks won't take this into consideration.
Loans.net has a network of well-known lenders that offer fair terms for loans for bad credit. People who are looking for these services simply fill out an electronic form on the web site, detailing their specific needs and in as few as three minutes, they are shown a list of lenders competing to give them the best rates possible. Pamela McCain, who found a loan using the service says, "I'm not sure I could have gotten through this without these people, my bank wanted nothing to do with me." More often than not, the money from these loans is available within one business day, making the process considerably shorter than the waiting period demanding by banks.
According to Rossa, business is on the rise. "There are so many who find themselves in need of loans for bad credit, people are learning that they can turn to us to secure the loans they need". The numbers back up Rossa's claim, both U.S, and Canadian markets are reporting large increases in revenue by companies who provide private loans for bad credit people. The banking industry has created distrust among mainstream Americans and Canadians, surveys show that distaste for doing business with traditional banks is growing at ever increasing rates. This trend of seeking private lending alternatives, it would seem, is here to stay.
For further information regarding loans for bad credit, people should visit http://www.loans.net/bad_credit.html.
Media Contact: Yonni Rossa Loans Network Ltd, 646-257-4131, Yonni@loans.net
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SOURCE Loans Network Ltd
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