It Is Easier to Obtain a Payday Loan than a Big Mac
According to the St. Louis Federal Reserve, there are more payday lending stores operating out of brick-and-mortar locations than there are McDonald’s Restaurants. In fact, the number of McDonald’s restaurants pales by comparison as payday lending stores number 20,000, whereas McDonald’s has approximately 14,260 locations. Obviously, you have easier access to short-term borrowing than fast-food nourishment.
Popular Financing
Quick cash payday loans available online are also popular types of financing – just like their brick-and-mortar counterparts. The Consumer Financial Protection Bureau points out that may of the quick cash payday loans that borrowers take out online are multiple loans. Therefore, the high-interest rate loans are recognized as a viable resource when people need to obtain access to funds without delay.
Limitations on Roll-overs
Although some industry critics dispute the use of high-interest quick cash payday loans, the financing is still needed so money can be provided to people who have limited means to obtain loans. For example, consumers who cannot obtain credit cards or conventional funding are able to stay afloat if they run into an unexpected problem that eats into their budget. Limits placed on the number of times quick cash payday loans can be rolled over can help people stay out of short-term debt.
Payday Loan Consumer Profile
Quick cash payday loans, as you might have already surmised, are the simplest type of loan to receive if you are in need of quick cash. For most consumers, the short-term financing only requires that they provide a qualifying source of earnings and that they are at least 18 years old. According to statistics, borrowers who take out payday loans typically make around $37,000 per year.
Close to half the borrowers are homeowners and around 95% of the recipients of the funding have graduated from high school and finished some form of higher education. Most of the applicants are middle-aged, working class consumers. All applicants maintain consistent incomes and have a checking account so they can have the loan amount electronically deposited.
How to Anticipate the Unexpected: Align Yourself with a Payday Loan Provider
Needless to say, if you need money fast, quick cash payday loans are the solution for a short-term debt expense. Whether you need the money for a repair or you need to secure funds to take care of an operation for a pet, you can receive the money needed to resolve any financial burden that you did not expect. Fortunately, when you apply online for a short-term loan, you can lessen the burden of debt and obtain the necessary funding without having to deal with any further stress. Make it easy on yourself by applying online. A payday loan is your backup financial resource when your cash reserve has been spent.
