By: Gaurav Bhola, MSM, Managing Editor
Payday Loans are in the news again, this time for different reasons. Cash advance payday loans have grown steadily in the last few years, as has consumer demand for these short-term personal loans. The consumers who seek payday loans have long been ignored by traditional financial institutions like banks and credit unions. Well, that is changing; credit unions are now offering payday loans around the country.
Recently, a credit union started offering payday cash advance loans at a Wisconsin Goodwill thrift store. It is a nonprofit program in which a credit union has partnered with Goodwill to offer financial products aimed at low-income consumers.
Consumers like the convenience of payday loans, as well their ability to access cash within 24 hours. A payday loan is a short-term personal loan that has to be paid back by your next payday. The payday industry has grown tremendously since the 1990s. The traditional financial and banking markets have long ignored a major portion of the American populace, the low-income consumers. Therefore, some consumers shunned by traditional financial institutions have found solace in borrowing from payday lenders.
Also, the payday loan industry has kept up with the changing landscape in technology. Like banks and credit unions, payday lenders have made their online presence felt. A payday loan online or an online cash advance offers new conveniences to payday consumers, no fax payday loans and faxless payday loans are also offered online.
The no fax payday loan permits you to get a personal loan in an easy, fast, and simple manner. The online payday loan has revolutionized the payday loan and cash advance industry. In many cases the latest technology used by secure online payday lenders allows you to get a decision within a few minutes and at most within 24 hours.
The demand for payday loans is high. In 2005, Wisconsin had about 450 payday lender stores that made 1.7 million loans, state regulators say, totaling more than $625 million. The nonprofit payday loans are a new concept and currently have a small market share of the for-profit payday loan business. As nonprofit payday loans become more popular, the for-profit payday loan lenders will have to adapt again to meet new consumer demands.
