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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 peoples budgets. The only thing thats not rising is salaries. Easy application and approval While its true that times are tough, its 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 youll 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 isnt 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 applicants 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 thats 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 theyre late making a credit card or utility payment or when theyve bounced a check. Besides these fees, late payments and insufficient funds can seriously damage a persons credit. It simply doesnt 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? Its quite possible. When you apply for a car loan, you have to buy a car. When you apply for a mortgage, its 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. |
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