Personal Loans for Bad Credit on the Rise
Multi-national lender introduction service, Personal-Loan.com, reports increased demand for its services.
DALLAS, March 15, 2013 /PRNewswire-iReach/ -- As a result of the downturn in the global economy over the past 8 years, the average credit score has dropped significantly. The most commonly reported reason for this drop is an unexpected loss of employment, followed by rise in gasoline prices and its effect on the market. People are finding that banks do not consider any of these reasons when deciding whether or not to lend, they only look at the score itself. This practice is making it ever more difficult for people to secure loans through the traditional banking system. Private lenders, such as those found on Dallas based, Personal-Loan.com, a lender introduction network for people with bad credit, are reaping the benefits of the banking system's refusal to change their ways,
Market share in both the U.S. and Canadian markets, that offer personal loans for bad credit, have shown double digit increases every year for the past five years. As borrowers in need of cash continue to look for companies that will make personal loans for bad credit, companies offering introduction services are increasing their cache of private lenders and updating their websites. Centralized easy to use websites such as Personal-Loan.com offer one stop shopping for those seeking to borrow. According to Matt Zaretsky, spokesman for Personal-Loan.com, "Our system is designed for ease of use, customers simply fill out our form and within minutes, they are provided offers from dozens of lenders". Oftentimes the borrowed cash can be deposited in the borrower's checking account within one business day.
Personal loans for bad credit have traditionally been difficult to obtain, however, private loan networks are now emerging as a viable alternative to banks, cashing in on what many people consider to be selfish behavior by Wall Street. According to Zaretsky, "Credit ranking used to be fairly reliable; today on the other hand, lenders need to look at the reasons for the drop in credit score, as well as the history before any recent issues. There doesn't seem to be any logical reason why banks don't do this".
Banks have developed reputations as bullies and are punishing customers. "I lost my job and fell behind on a couple of bills, now my banker won't even look at me" says Joe O'Neal, a construction worker from Chicago who was unemployed for 8 months. "I guess we were lucky to find a different option". Zaretsky says "Personal loans for bad credit shouldn't be based simply on old rules; sometimes people deserve an opportunity to turn their lives around. Our job is to help them create that opportunity by giving them access to our network of lenders".
Personal-Loan.com is safe and secure. Customers know that placing personal information on the site to apply for badly needed loans will remain confidential.
For further information regarding personal loans for bad credit and additional services, interested parties should Visit their website at: http://www.personal-loan.com/.
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