Payday loans have changed the way Americans handle their finances. Installment loans and title loans provide cash-strapped customers with the funds they need to pay unexpected bills. Individuals in the U.S are finding it easier to pay off bills with these types of loans without worrying about the lender checking their credit and refusing them. So what type of loan is to come after the payday loan, installment loan, and title loan?
The most common payday loan lender serves more than 19 million people in the U.S. This means at least one in six adults in the U.S have used payday loans to help them get through dark financial times. That is just a small fraction of the people who could eventually become customers right now. More than 75% of Americans are living paycheck-to-paycheck with very few resources to help them pay for an unexpected expense. An easy payday loan can provide a short-term answer to those expenses. The bad thing for consumers is that the interest rate is much higher than a standard loan and could impact their credit if they go into default.
The future of payday loans is wide open. Most industries see more competition which means lower prices. With payday loans, it is the complete opposite. There are a lot of different payday loan lenders out there and this certainly does not take away any of their business. At some point lower interest rates will be the national norm. The good thing is they are always there to help.
If you are looking for an easy payday loan to help you live a better paycheck-to-paycheck life, then Short Term Loans can help. You can learn more about their options and what kind of short term loans they offer by visiting their website.