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Former Treasury Secretary a Huge Fan of Online Loans

You don’t get the chance to see someone with the credentials of Larry Summers extolling the virtues of your industry every day. But that is just what online lenders recently experienced. Summers, the former Treasury Secretary and a world renowned economist has recently shifted toward becoming a full time supporter of the online lending industry. Once Summers left the Obama administration, he took a seat on the board of the Lending Club. The Lending Club is the country’s largest peer-to-peer lending company, with a lending division known as the payment company Square. At a recent conference called Lend It 2015, Summers listed why he is so excited about the online lending industry and why he is sure that “technology based businesses have the opportunity to transform finance over the next generation.” Along the way, Summers expects tech based financial companies to help to make the economy more stable and efficient in the years to come. Though it used to be that online lending was somewhat scrutinized by everyday borrowers, the industry has recently enjoyed an upswing in popularity. Customers who have great credit and want to consolidate credit cards on lower interest rate accounts can do so easily online. And even people who have lower credit scores can make use of online payday advance lending companies to get a quick loan to help them keep their heads above water in between paydays at work. In short, the Internet and other progressive forms of technology are beginning to change the way that people borrow money for good. And Summers seems to be on board for the long haul. The Change in the Online Lending Industry Why such dramatic changes in recent years? Well, according to some experts, half of all the workers in this country either own or work for small businesses. Whether it is because of the total number of jobs or output, the economy has finally recovered. However, lending to the small businesses that have fueled so much job growth has been somewhat stagnant. Part of the reason for the lack of lending progress to small businesses has been… Read More

Studies Reveal Real World Benefits of Payday Loans

It is no secret that there are lots of folks and organizations out there that like to drag the payday lending industry through the mud whenever they get the chance. Things have become so bad for some alternative financial providers that some lenders have been forced to close up shop because of some heavy pressure from government initiatives, like Operation Choke Point. It appears, however, that there is some very real proof that there are indeed benefits to payday loans that some people don’t want other folks to know about. Two new studies on the payday lending industry cast a new, more positive light on the industry as a whole. A Law Professor from Columbia, Ronald Mann, came to some very interesting conclusions in his most recent study. Here’s just a little bit of what Professor Mann’s study revealed about the short term lending industry: The study proved that credit ratings changes for people who default on payday loans are not all that much different from the credit score changes that responsible borrowers have. The decline in credit score in the year that a borrower defaults greatly exaggerates the final effect of the actual loan default. This is because the credit scores for folks who default on their loans typically experience very large increases for more than 24 months after the year that they defaulted on their loans. In other words, the payday loan default is not to blame as the ultimate cause for certain borrowers’ financial problems. This is usually because the borrowers who do not pay their payday loans back usually have dealt with other financial problems in the past that caused their credit scores to decrease. This all goes on to suggest that defaulting on a payday loan plays a very small part in the complete timeline of distress that default borrowers experience. It is hard to bring all of this into line with the improvements that the improvements to borrowers’ financial situations come from the ‘ability to repay’ requirements that are factored into every payday loan that is provided by short term lending companies. In a… Read More

Getting The Most From A Loan

When you are facing a challenging financial time, a payday loan might be an option for you. When you need an exact amount of money to pay off a bill that you have due before your next paycheck, a payday loan is an option that should work best for you. One of the best things about fast payday loans online is the fact that you can get the exact amount of money you want, meaning that you don’t’ have to take on extra money. There is no such thing as “free money” when it comes to loans; every cent that you get needs to get paid back, typically with fees attached to it. With that in mind, when you need $100 fast to pay off a bill, you don’t want to take $500, you want the exact amount. This is not to say that there is no risk involved in a payday loan (there is always risk involved, no matter what loan you are looking to get), it just means that, if you are smart about what you do, there isn’t much that you have to worry about. As long as you pay the loan back with a portion of your next paycheck, you can be sure that you won’t have to deal with the penalties that are usually attached to the loan. Don’t rush into the loan, makes sure that you get all of the info that you need by taking a look online, or by visiting a professional who can help you with getting Financial Relief. Finances are stressful. More than just about anything else in your life, finances are the thing that is going to keep you up at night. It isn’t just the fear of what you are facing today, it is also the fear of what could come tomorrow. Part of being a “grown up” is understanding how to deal with your finances, and the best piece of advice that you can get it to stay “realistic” with them. If you need to stop spending so much money on entertainment and eating out, you need to… Read More

Advance Loans With No Credit Check

If you are searching for someone who can help you with short-term advance loans, we can help you to get the money that you need today. If you can come to our office today long enough to fill out an application, there is a good chance that you can leave with a check in your hand. We want to do whatever we can to help you get back on your feet no matter what the reason is. It seems as if people just don’t make enough money to support themselves these days. This is why they turned to payday advance loans. If you need a cash advance today, you also have the option to apply online. Keep in mind that this method may take a little longer to get your money because you will have to wait on the bank to do a direct deposit. However, a cash advance online is definitely going to be more convenient. You can apply any time 24 hours a day seven days a week. We may not get back to you until the weekend is over. If you are okay with waiting, we can help you. Before you decide whether or not you are going to apply for advance loans, make sure that you can meet the qualifications. For example, we will expect you to provide a proof of income. This is generally a pay stub. We will also ask that you bring in a bank statement. If you don’t have this information, you can always print it from the website of your bank. And last but not least, we will expect you to have a current driver’s license. If you can meet these three requirements, we will be able to better assist you. Keep in mind that you are going to have to spend countless hours in our office waiting for a credit approval. Instead, you can be approved in as little as 15 minutes. The reason behind this is because we aren’t going to do a credit check. Everyone who does business with our company receives the same interest rate. This is… Read More