Payday loans: A Popular Choice
Payday loans have become a popular choice in the wake of the global financial crisis, but banks have become less willing to lend much needed funds to Americans. This is because the number of defaulters has increased tremendously as an after effect of financial crisis and no cash cushion. Even though President Barack Obama has lectured bankers at length about increasing lending, with some success, many struggling Americans are turning to alternative lending sources.
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The payday loan is a small principal, highly convenient loan that is very handy when some sudden unexpected financial need arises. It is suitable for middle class struggling to make it from one pay check to the next. As these loans are quickly approved, people are finding that they are a practical solution to their short term financial difficulties. This is certainly the case for Richard and his wife, Gina who recently lost her job. "Suddenly having to survive on one income was a struggle," Richard admitted. "The bills began to pile up pretty fast and we found that my income wasn't able to cover them all. So we decided to take a payday loan to ease the burden. It did give us quite a bit of breathing space."
Obama strikes again...
Obama has time and again told the US banks to increase lending loans. Last year in December 2009, he spoke to executives of top Americans banks last year in December where he stated that banks have always benefited from assistance from the government and tax payers and that now in this critical phase of worst economical crisis he expects them to show keenness towards rebuilding the US economy. The president mentioned the bankers as "a bunch of fat cat bankers on Wall Street". In his recent speech, Obama said that the US is in a deplorable condition from economic point of view. He further stated that if banks are left to act on their own such a situation will keep arising after regular intervals. After continuous debates and discussions, some US banks have promised to increase lending.
Life's little emergencies
Payday loans are perfect for covering life's little emergencies. Whilst many of us are good at budgeting for expenses, life does happen, so there will always be those unexpected bills that crop up. Oftentimes, these surprise expenses are not a problem, but in times of recession they can be difficult to manage.
Taking out this type of loan is the quick and easy solution to financial emergencies. If you have a plumbing problem or a gas leak, if your car breaks down or you suddenly need to go to the doctor or the dentist - a payday loan can help you cover the cost. As these loans enable you to borrow the same amount as the average fortnightly wage, you can be confident that you're only borrowing what you need and the sum is easily repayable as soon as you get paid again. On average, most people tend to borrow between $500 and $700, which is enough to meet short term expenses without creating a large debt burden.
Same day approval
As a payday loan requires minimal paperwork and documentation, it can be approved on the same day. In fact, there are many online lenders, so you can even apply online and email through the required proof of income documentation. There is also no need to worry about your credit history. Payday loan lenders do not conduct background credit checks. This is perfect if you have a less-than-perfect credit rating or if you have been turned down for loans in the past because you can still be approved for payday loans.
Staying afloat
These loans are helping many Americans stay afloat during recession. Having access to a fast, convenient sum of cash can help to solve short term money problems, thus easing the stress of financial difficulties. With minimal paperwork, same day approval and instant direct deposit, payday loans are becoming an increasingly popular choice for people trying to keep their head above water.
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