Big banks have entered the fray! Wells Fargo has added payday loans to its list of services and the payday loan industry has taken a giant leap forward.
Online PR News – 15-September-2009 – – Big banks have entered the fray! Wells Fargo has added payday loans to its list of services and the payday loan industry has taken a giant leap forward. Industry watchdogs believe this ground-breaking step will bring respectability to the payday loan industry in general.
Lubbock, TX, September 8, 2009 - With everyone from every level of the economy feeling the pinch of the new recession, we're all looking for ways to save money and get ahead. Even the big banks, who have added payday loans to their list of services offered their customers. By offering this well-loved product to their checking account customers, big banks like Wells Fargo and U.S. Bancorp are hoping the popularity of the short term loans, already established on the internet with dozens of lenders and companies offering the service online, will allow them to take part in the action too.
Until recently, big banks wouldn't even consider talking to a customer who didn't have any collateral, bad credit, or no credit at all. These people were essentially locked out of the traditional personal loan market until payday loans came along.
Payday loans are often taken out by people who need emergency cash right away, and have no other alternative for borrowing. They have no credit and nothing to put down, and the big banks turned them away every time. Although payday loan carries a higher interest rate than a traditional loan, it offers many things a traditional loan cannot. One thing is speed. An online payday loan for up to $1500 can be procured in less than one business day at most online websites that offer payday loans. Not so for a personal loan from a bank. A borrower can get approved for a payday loan with nothing down, and no credit or even bad credit. Not so for a traditional loan from a big bank.
With so many Americans locked out of the loan market, and no end in sight for the demand for quick and easy loans, since cash emergencies pop up for everyone, and at any time, the payday loan industry has grown by leaps and bounds in the past ten years. The demand has been proven.
With proven strong demand for short term loans to high-risk customers, big banks have finally decided to join the market and start offering them to their customers. This is good news for payday loan customers in general, even if they are not Wells Fargo or U.S. Bancorp customers. More players means more competition, and better service for borrowers. As more big banks start offering payday loans, respectability will increase and soon potential borrowers will have even more choices when it comes to getting fast emergency cash before their next payday. Everybody wins!
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