Payday loans once were looked down upon much more than they are right now. There were many people who would have guessed they might be eliminated entirely one day. That’s not the case, however, as they have ballooned as an industry to the point that there are almost too many companies out there. It makes you wonder how they survive and if there are enough consumers that take loans out to keep most of them afloat.
Sure, the payday loans industry is huge, but there are so many sites offering these types of loans. Would you consider taking one out now that most of the companies have changed the way they do loans? Many people who once disliked these loan companies are now finding themselves willing to use them once again.
I am one of those people because I was not a fan of how the loan companies made you pay back everything at once. Don’t get me wrong, that type of loan still exists. But they are not the industry norm anymore because payday loans are now more often offered as installment loans. This allows consumers more time to pay the loan back.
Naturally, that translates to smaller payments, which make these loans easier to pay back in general. The only stickler is still the interest rate, but you don’t see all the naysayers complaining as much as they used to about payday loan companies. Part of that is due to the change, and part of it is due to the fact that it looks like cash advance loan companies aren’t going anywhere.
Perhaps you don’t mind paying the extra interest long as the payments are affordable and you can get the funds you need. And to boot, they approve loans faster than ever nowadays.