After a few years of negative press and government intervention in order to change the way payday loan companies worked and the amounts they were able to offer to customers, there has been a new wave of payday loan companies. These new short-term loan providers have a different outlook, offering a product and a service to customers that is open, transparent and leaves no room for misinterpretation of the agreements in place for repayment terms. If you are looking for a short-term financial solution until your next pay packet it is no longer a worry for you to look at payday loan providers to help you out.
There are a few differences to the new wave of payday loan provider when comparing them to the previous iteration that suffered from negative connotations in the world press and did offer high interest loans that could further complicate matters for their customers. Let’s take a look at how the new breed differs in their approach.
Simplistic Application Process – What you’ll find with the best of the modern day payday loan companies is that they utilise the simple nature of online application processes. Instead of long, rambling and confusing documents with figures and data that could confuse applicants, what you’ll see instead is an online application that lays out everything you need to know before pressing submit. That way you can see exactly how much you’ll be borrowing, how much interest and fees are on top and how long you have to pay back the short-term loan. Nothing is hidden from the reputable payday loan companies of today, meaning you know exactly where you stand financially.
Fast Process – As the application process is so simple everything is sped up when compared with traditional means of borrowing. In many cases a payday loan application is taking place because funds are needed as an emergency. The faster that your case can be looked at, the better for your current financial situation. One hour payday loans and quick cash advances are in place to allow customers to know that they are being looked after as quickly as possible.
Flexible Repayment Terms – Lastly, the modern payday loan companies wanted to make it easier for customers to sign up, without having to worry about how they were going to pay everything back within a 7-day period, or by the end of the month. Although there are higher fees attached, the transparency allows customers to see exactly how much they will be expected to pay should they extend the time that they wish to pay back the loan.
If you are looking for a payday loan to help cover some unexpected costs, and you are sure you can pay back the loan, and the attached interest and fees, within the timeframe you’ve selected, the new wave of payday loan companies have a transparency that helps you make the right decision. Research a few companies and look to borrow money from a reputable payday loan company with a simple application process, a fast turnaround for funds and a flexibility of repayment terms to suit your exact needs.