Payday loan companies have often
been referred to as "mom-and-pop businesses". Frankly, this is not
true. However the fact remains that, somehow this association has become deep
rooted. After all, mom-and-pop businesses do not have the resources to offer loans
to anybody. They are just intermediary websites that bring in leads to the
lenders so that they can sell their loan plans. The businesses earn a
commission for doing this. If you browse the Internet, you will find many of
them now. Consumers often cannot make out the difference, and they end up
paying much more than what they should.
Big mainstream companies have been
staying out of the payday loan market because of the stigma attached to this.
However, this is now changing fast. The mainstream lending companies have now
decided that they cannot really afford to stay away from the growing $42
billion payday loan market. Mainstream companies including banks are losing
customers to these payday companies for a while now, as they cannot disburse
the cash so quickly. Customers who need quick money in an emergency naturally
turn to these lenders, at the cost of the bigger mainstream players.
But this is all set to change now.
Today banks have started offering cash advance loans. You can get a cash
advance from your bank or from some other bank. It means that, you can get the
money you need in as little as one hour once you have completed making your
application. The application processing begins immediately. You don't have to
meet anybody. No one has to know that you want a loan. There is no credit
check. Just complete your application and the money will be there in your bank
within a few hours or less. You will just need to be a citizen of the US,
should be 18 years of age.
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