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
Apr 30, 2013, 08:00 ET
SAN ANTONIO, Texas, 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.
The New York 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 bounced check fees, late payments for credit cards and the financial consequences of missing bill payments.
The study illustrated that the annualized rate for a bank bounced check would equate to 100% APR 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: http://www.PaydayLoan-Lenders.com
SOURCE Payday Loan Lenders
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