Remarkable Growth In Demand For Payday Cash Advances
The demand for payday cash advances has experienced remarkable growth over the past few years. Cash advances are becoming more popular as people come to realize that the process is safe and efficient. And when used properly, cash advances are an excellent way to deal with short-term financial crunches. The application process is fast and straightforward and most important of all, it’s secure. But are these reasons fueling the remarkable growth in demand for payday cash advances? If not, then what is? Many people would blame this rapid growth on the economy. Rising prices on everything from gasoline to clothing is stretching people’s budgets.
The only thing that’s not rising is salaries. Easy application and approval While it’s true that times are tough, it’s not enough to explain the rapid growth in demand for payday cash advances. What may be driving the demand is the fact that this type of short-term funding is so very easy to obtain. Search the Internet or drive down any busy road and in seconds you’ll find countless business offering cash advances, payday loans and fast cash. Regardless of what you call it, anyone who receives a steady paycheck and is at least 18 years old can apply.
Approval isn’t dependent upon a solid credit history and in most cases approval takes less than 30 minutes. Applicants need only provide a few personal details and select the cash advance amount they require. If approved, funds typically are wired into an applicant’s bank account the next business day. Applicants repay the cash advance on a schedule that coincides with their next payday; usually in about 10 – 14 days. Fees are reasonable Something else that’s behind the remarkable growth in demand for payday cash advances is the realization that the fees charged for this type of advance are generally lower than the fees people are charged when they’re late making a credit card or utility payment or when they’ve bounced a check. Besides these fees, late payments and insufficient funds can seriously damage a person’s credit. It simply doesn’t make sense to pay that kind of money and risk damaging your credit just because an emergency came up and your paycheck happens to not be enough to pay your bills this month. No restrictions on money usage Could the fact that there are no restrictions on how you use the money be fueling the growth in demand for payday cash advances? It’s quite possible. When you apply for a car loan, you have to buy a car. When you apply for a mortgage, it’s to buy a home.
But when you apply for a payday cash advance, you can use the money any way you need. Use it to pay off higher than usual credit card bills like those that arrive after the holidays, or to pay for emergency auto or home repairs. Since the money is yours to use as you choose, you could even use it to go away on vacation! Perhaps that explains the remarkable growth in demand for payday cash advances.