Online Cash Advance Loans: At Your Disposal
One need only compare the number of fast-food franchises to that of fast cash loan outlets to discern the prevalence of payday loans. Over the course of the past ten years, the instant cash advance has been experiencing explosive growth, mainly attributable to a spike in demand for unsecured, short-term personal loans. Fast cash payday loans, which provide short-term emergency funds to borrowers caught in a financial bind, are available at traditional, brick-and-mortar establishments and on the internet. Currently, at least one payday lender can be found in every large American city and town. Although retail lending comprises a smaller percentage of the market, it is estimated that storefront locations generate $40 billion in fast cash payday loans nationally. What follows is a brief glimpse into in-store and online emergency cash loan transactions:
1. Traditional Instant Cash Loan Businesses
One defining element of fast cash payday loan shops is the personal contact that is established between customers and lenders. Fast cash personal loan companies are conveniently located throughout the United States- usually in suburban shopping malls, alongside regional and national retailers. Prospective borrowers walk into a quick cash loan store and present their driver's license or other form of identification, along with their most recent bank statement and proof of a steady source of income (through recent pay stubs). The funds are typically provided on the spot or otherwise transferred via direct deposit into the applicant's checking account. On the due date, the customer returns to the shop to repay the fast cash loan in person. If he or she fails to pay off the loan in person, the fast cash payday lender may either electronically withdraw the funds from the client's checking account or process the check in the traditional manner.
To ensure the company's legitimacy, trustworthiness, and reliability, consumers may consult the Better Business Bureau (BBB) or verify whether the company has the BBB seal and that of the Community Financial Services Association of America (CFSA).
2. Online Cash Loan Businesses
Since their emergency in the late 1990's, the online payday loan industry has witnessed burgeoning growth. Although there are no precise figures on the market size, payday lending in cyberspace is booming, with internet search engines identifying more than 3,000 companies that specialize in the online cash loan. The needs of cash-strapped consumers are served in a speedier and more efficient manner. Prospective borrowers may apply for an emergency cash loan from the comfort of their home. Not only is the online quick cash loan convenient to access, the application procedure is much easier online. Lenders require minimal documentation for approval. Prospective borrowers begin the process by faxing or completing online an application form. Generally, they will provide basic personal data, bank account and employment details, and personal identification (i.e. social security number). No fax payday loans, which eliminate the need to fax the required documents, are widely available. The online application is approved without faxing any paperwork, thus saving time for the online cash loan applicant. Upon submission of the application, the lender informs the customer, within minutes, of his or her approval status via email or by phone. The client then logs in to place his request for the online fast cash loan. The funds are directly deposited into his or her checking account, and the customer receives them, normally, within one business day. On the maturity date, or the borrower's next payday, the lender withdraws the loan payment and finance fee. Reputable online cash loan companies utilize secure websites that are SSL-encrypted for the protection of confidential information and the assurance of privacy of all transactions.
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