For most people, the bank is the first port of call when seeking a loan. It's what many of us have done for decades; when we need money to fund a purchase, to cover an unexpected cost or to steer through difficult times, we visit the bank manager and arrange for a personal loan. However, that mentality is slowly changing.
The Internet has been a major catalyst in the diversification of the loan industry. Consumers can now simply apply online and have a choice of lenders as well as loan types. This has stiffened up competition and helped many to get better value as well as easier access.
In days gone by you would be restricted by the lenders in your locality. This might just be a single bank or a handful. Now though there are no geographical barriers to borrowing. As long as you have a phone and Internet connection you can apply at any time and from any place. It is this environment that has really allowed the payday loan industry to boom.
Unlike your standard personal loan, a payday loan won't take years to pay off. In fact you won't be given the option to spread the costs over multiple months, let alone years. They have been designed to act purely as a short-term solution, bridging the gap between one payday and the next. Invariably this kind of borrowing has its positives and negatives.
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