By: Gaurav Bhola, MSM, Managing Editor
The cash advance loan industry has been growing at a soaring pace in the last few years. The popular short-term payday advances offer you quick cash in case of emergencies. Majority of payday loans are provided at payday financial center locations found across the nation. Traditional financial institutions such as, credit unions and banks don’t offer similar loans to consumers. Thus, the payday fast cash loan industry has been able to meet the needs of millions of consumers whose financial needs have not been satisfied by traditional institutions.
Since the advent of fast cash personal loans in the 1990s, the public is able to get quick cash to meet their emergency needs until their next payday. In the last couple of years, billions of dollars in payday loan volume has been generated. Recently, approximately $40 billion in payday fast cash loans were taken out by borrowers. This is a huge amount of loan volume and shows the ongoing popularity of the loans.
Borrowers can skip the lines at payday centers and simply log online to get quick cash. When you apply for a faxless payday loan, you don’t fill out any paperwork; you simply fill out a secure online application. At present, there are over 22,000 payday locations across the nation and thousands of online payday sites.
Since more people are using the internet to get financial services, payday lenders have introduced Visa/MasterCard payday loans. Instead of cash, you can have your payday advance placed on your prepaid card.
The convenience of the prepaid Visa or MasterCard is outstanding for those who usually access no fax payday advances. These prepaid cards are perks-filled alternates to credit cards.
The prepaid cards are taken by all merchants who accept Visa or MasterCard. Additionally, you receive the benefits a prepaid card brings:
- Phone purchases
- Internet purchases
- ATM cash withdrawals
- Topping off the card is simple, fast, and easy
- No overdraft fees as with traditional debit cards
The arrival of the prepaid card is yet another example of how the payday industry is constantly finding avenues of cutting edge solutions for their customers. Hence, payday lenders continue to build upon their commitment to make life easier for their customers by offering innovative fast cash solutions.
