Payday Loan Lenders Online

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Payday Loan Lenders Online
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The Positives of Payday Loan Lenders
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For many years it would be fair to say that
payday loan lenders have been negatively
perceived by consumers and reviewers alike. Given
their existence within the short term and high
cost credit sector, many have come to believe the
market in general is overpriced and unrealistic
to the true needs of the customers it serves.
This was not always the case and in fact in the
early days payday loan lenders were welcomed by
consumers thanks to its, at the time, unique
product offering. What the payday loan lenders
offered which had not been seen before was to
offer consumers the ability to borrow a small sum
of money over a short period of time. Given that
the loan values were considerably lower than that
of the loans offered by more traditional lending
resources such as the bank, they could offer
loans in a completely different way.
Fundamentally the biggest difference was the fact
the payday loan lenders offered a discreet and
online based application process in the vast
majority of cases. This meant that consumers were
able to apply online at a time which suited them
and their individual needs. Instead of having to
visit the bank, shop front and making a call, the
payday loan lenders offered an application which
could be started and completed entirely online.
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As a result consumers were happy with the ability
to borrow in a manner which was convenient. The
product being offered by the payday loan lenders
was in keeping with the application process in
that it was designed to be simple to understand
and easy to follow and this was delivered by way
of a single repayment. This meant consumers
borrowing from the payday loan lenders were given
loans on the understand that on the arrival of
their employment pay date, although some lenders
allowed any given date to be chosen within a 35
day period, the entire amount borrowed and the
charges were repaid. Although undoubtedly a
simple and clear concept what was not correctly
accounted for was the customer true and realistic
ability to afford this style of repayment and as
such many customers found themselves paying
expensive charges and interest due to lack of
repayment.
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What the payday loan lenders learned over the
years was that in order to offer a lending
resource which was truly useful a more flexible
product offering needed to be made. As such in
more recent times the payday loan lenders, thanks
to the help of the Financial Conduct Authority,
have adapted the principles by which loans are
granted. This principle is one of affordability
which means making adequate efforts to ensure the
loan offered is truly affordable. To achieve this
payday loan lenders now offer loans which can be
repaid in a number of pre-agreed instalments and
the number of instalments, depending on the
lender, can be selected by the applicant at the
point of borrowing. This is coupled with better
and more in-depth checks by lenders and as such
more informed lending decisions. 
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