Loans-Payday.com Now Offers Cash Advance Loans to Meet the High Demand for Payday Loans 12 Million Adults Take Out Payday Loans Each Year and 5.5% of People Across the Country Have Used Payday Loans Over the Last 5 Years.
CLEVELAND, Aug. 13, 2013 /PRNewswire-iReach/ -- With 12 million borrowers a year creating demand for payday loans and payday cash advances, it seems obvious that short-term loans of this type are here to stay. But misconceptions remain about payday lending. In fact, last month Congress held hearings on the payday loan industry and how to curb the abusive practices of some payday lenders.
A spokesperson for Loans-payday.com had this to say. "Apparently we are providing a service that consumers want and need as you can see by the numbers." He continued, "Sure, there are some lenders out there who are not handling themselves the right way, but that should not give the industry as a whole a black eye." He pointed out that abusive practices are seen in almost every industry. "A good and useful product can be misused or abused, but that does not make the product inherently wrong or bad."
"A lot of times the critics will detail the cons without offering any of the pros." What are the pros? Here are a few he overviewed. "Credit-challenged borrowers who need money fast for emergencies can get it as long as they have a job with a consistent paycheck and an active bank account. We don't legislate how they spend the money, but if you go to our website you will see that we explain the process of payday loans, particularly cash advances which will be withdrawn from the borrowers next paycheck. We try and make it crystal clear what the borrower is committing to."
The website does make it clear that potential borrowers need to educate themselves about lender expectations, pay attention to loan terms, and have a backup plan for paying the loan back by the next pay cycle. The site sums it up with this closing sentence: "These types of loans can be a great financial resource as long as you go into them with your eyes wide open."
The spokesperson ended with this thought. "Our site creates a competitive bidding situation between a multitude of lenders and that competition not only serves the consumer with better rates and terms, it also weeds out the lenders that are not performing as they should."
What seems to be lacking in the one-side criticisms is an understanding that reputable payday lender finding services, like Loans-payday.com are helping to solve some of the problems the abusive lenders have created. They are educating consumers about the payday loan process, how to find the best payday lenders, how to use these loans as a short-term financial solution and how not to get caught in a long-term debt trap.
Visit www.loans-payday.com to learn more.
Media Contact: Maurice Chandler, I.D.S International inc, (646) 257-4131, firstname.lastname@example.org
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