There have been many significant changes to consumer credit options in America over the last few years due to both the struggling economy and also new financial restrictions and legislation put in place in response to the 2008 economic crash, especially with the flourish of the online payday loans industry. Additionally, many banks have tightened up on credit requirements for small business and personal loans, and the creation of a new Consumer Financial Protection Bureau in 2010 has many businesses that offer in-house financing exploring other options as well.
Payday Loans And Cash Advance Loans : Payday Loans, whether online or from a storefront, are certainly one of the most popular consumer credit options available today. Payday lenders offer potential customers with bad credit a chance to borrow anywhere from $100-$1500 for 2 weeks or more, and require only proof of a job and a checking account. Payday loans are a popular alternative to pawn shops or bank loans, which usually require a much better credit score and only offer loans much larger than the average $300 payday loan.
Online, borrowers will usually find both licensed and trusted direct lenders as well as payday loan lead generation sites. It is always suggested to only deal with direct and licensed online lenders, as opposed to lead generation sites which find a lender for you once you apply.
Credit Cards: Credit cards companies have raised fees on many of the cards offered due mainly to the struggling economy and also in response to new restrictions such as Regulation E which gives bank customers the option to “opt out” of high overdraft fees. But even with higher fees and tighter credit restrictions, credit cards are still one of the most frequently used consumer credit options.
In-House Financing: Many retail stores, car lots, and even dentists will offer in-house financing options to help customers with purchases. Often times these in-house financing options come with an introductory offer, such as “0% APR for 2 years”. If approved, the customer can use the credit to make a purchase the very same day, sometimes without a required payment for more than a year. If the account is not paid off in full by the end of the offer, even if no payments were required, then an APR of around 33% will be applied to the entire remaining balance.
Whatever the purchase or financial situation all available credit options should be considered and compared. For example, although the APR of a payday loan may be over 300% the actual charges may only end up being only $50 or less depending on the size of the loan, much less than the charges for some other forms of credit.
CONTACT: Emily Floyd, +1-213-674-2330, ext. 217, for Payday Loans
Web Site: http://www.cashusapaydayloans.com
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