The payday loan has slowly turned into a most significant financial tool for a considerable number of consumers. Most consumers are now seriously looking at their options for acquiring credit without the usual lengthy and stringent processing of applications. Amid the lingering problems in major economies, it is but natural for consumers to explore their options and go for such financial tools that they believe can help them survive the challenges of the times.
Among the long list of safety nets that consumers can opt for, payday loans are turning out to be the top choice. So, how can we explain this strong vote of confidence by consumers on a subprime lending service that is being pilloried by some sectors as predatory? Payday lending companies offer funds of up to as much as £1500 with a regular term of 30 days without the need for the prospective borrower to go through the usual credit check the is adopted for regular loans. This translates to higher approval rate and faster turnaround. In fact, there are companies that can process and release funds within 24 hours from the filing of loan applications.
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