DETROIT, Feb. 10, 2014 /PRNewswire-iReach/ -- A progressive month for Loans-Payday.com, January 2014 was a record maker of sorts as the company witnessed a double-digit increase in borrower applications. Noting an industry-wide surge in activity, as reported by Bank Rate, nearly twelve million US adults take out at least one payday loan.
The numbers appear to be growing, primarily because individual borrowers look upon short term loans as a "bridge" to tide across temporary financial challenges. The trend hasn't slowed down in recent years.
Loans-Payday.com, a website that specializes in helping common consumers and businesses apply for payday and cash advance loans has reported a double-digit surge in its online loan application activity. The numbers are a stark contrast to current economic indicators that point to a relatively stable economy and a steady increase in employment statistics. Apparently, short term loans have other uses as well.
From paying for emergency gifts to take care of car repairs, these relatively short term loans have been used as a reliable source of instant funding. Incidentally, the approval process is relatively lenient and credit checks are often bypassed in favor of employment history and stable income sources. Furthermore, many lenders do not perform a credit check at all.
Regulators are increasingly scrutinizing the unchecked rise in interest rates but most lenders make the extra effort to comply with the law.
"Sites such as http://www.loans-payday.com/ are quickly gaining in popularity and are garnering reputation as the 'go to' source for short term lending. Instant approvals, vast selection of lenders, competitive interest rates, and programs for all credit types are some of the benefits that appear to be wooing every day citizens. From medical emergencies to unexpected cost drivers, these loans have become a valuable source of funding for middle class American families. Finally, the ability to repay the loan by the next pay check is a huge plus for lenders," says Maurice Chandler, who created Loans-Payday.com to help Americans apply for fast approval loans.
On the borrower end, the concept holds great appeal. Individuals are often hesitant to seek emergency financial help from friends and family members. Credit issues appear to be a deal breaker as well. With rejection rates nearly as high as sixty percent, cash advance loans appear to be the optimal solution for borrowers with a history of credit issues.
"I was rejected by three lenders before I discovered Loans-Payday.com. Thankfully, here, I had the option of collaborating with multiple lenders and the process was a breeze. I was able to complete my application in just under a minute and the funds were quickly delivered into my account," says Anna, who applied for a loan through Chandler's site.
Loans-Payday.com is a non-traditional site offering the ability to connect lenders and borrowers through a seamless, easy-to-use interface. In addition to short term loans, the site caters to wide audience through auto, home, and long term loans.
Media Contact: Maurice Chandler, I.D.S International inc, (646) 257-4131, firstname.lastname@example.org
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SOURCE I.D.S International inc