Internet has become an integral part of our lives pretty recently, and in this respect, online payday lending can be also considered a very recent option. Surely enough it has become quite popular as cash advances were the only way to obtain fast cash before.
Cash advances were quite helpful (one should give them credit for it) as they were frequently the only way for many borrowers to get money in case of emergency. However, cash advances presupposed that a person should visit a loan store in person in the first place. Online payday lending is much more convenient in this respect and in comparison to traditional cash advances they have much more benefits.
In accordance with the CFPB 2013 report:
It was much harder to find a decent lender before online browsing has become available for everyone. It was also more time-consuming and often embarrassing.
- At the present moment everything can be resolved in a matter of hours and without any need for third parties’ involvement.
With the advent of Internet the search of a good and reputable company has simplified a lot. It takes just a bit browsing and comparing the terms and conditions and finding the best rates offers. Surely enough there is a lot of scum but all in all, it has become much easier to get a fast emergency loan than it was even 10 years ago. Nowadays local payday lenders can be found in almost every city and town and the majority of them operate online.
Online payday lenders are much more preferred nowadays as the lending process is also faster and more convenient with them.
- Application and approval take little time and money is transferred within one business day without any further ado. Very little personal information required and bad credit presents is a fairly smaller problem than with banks; this all makes online payday landing very popular.
It might be hard to understand from the point of view of high interest rates; however, such loans make perfect sense for people living from paycheck to paycheck.
Besides, while looking for a decent company online, a person can read real customer reviews and decide whether this company is a good one or not. With land based companies it was not an easy task to find customers and ask their opinion and advice – hardly anyone would like to share such experience and admit that they had to apply for such a loan.
To cap it all, the advent of Internet has made payday loans even more popular and not without reason. Borrowers got more options of comparison and choice; besides, they considerably reduce the levels of stress in many people’s lives as there is no need to rack your brains trying to solve some emergency problem. There is always an option to apply for a payday loan.