Relatively new, payday loans are emerging as a viable and trusted alternative to credit cards. Like their established overseas counterparts, payday lenders in market their service as a convenient and quick way to get credit until the borrower’s next payday. Loans are taken for urgent needs like paying an overdue bill, and for less urgent needs like buying Christmas presents.
Despite being very popular in the USA, it’s taken a while to catch on to this new school loans product, but the statistics below show demand and interest are definitely on the rise. The question is, will they claim a significant share of the consumer credit card market? Or are they simply an innovative new way of giving small amounts of credit to a market segment not previously catered for?
Increasing interest and demand for payday loans
Interest in payday loans is evident in the increase in online searches for this new school consumer finance product. According to Google, in October alone, searched for ”payday loans” specifically, and generally through other related key phrases, over 60,000 times.
Research figures attained from one online payday loans lender show an overwhelming 6000% increase in loan contract offers over the past three years.
Mirroring the success of payday loans in the UK and US markets, this growth will continue to expand as payday loans and payday lenders cement a positive presence in the industry and more consumers become aware at Fit My Money of the product and its benefits.
Why are attracted to payday loans?
The reasons for the increase in interest can be attributed to many factors:
• confidential online application forms
• instant online approval
• cash deposited into the borrower’s bank account in minutes (some of the best lenders even pay within seconds 24/7)
• an agreed repayment schedule to suit the borrower’s financial circumstances and pay cycle
• short term loans for small amounts to avoid long-term debt
• the consideration of those borrowers with a bad credit rating
• more reputable payday lenders entering the market
• Heavy governance via the consumer credit code, which has ensured responsible lending practices in the industry.
Additionally, consumers find that they only use payday loans when they really need them. Impulse buying of unnecessary goods and services using a credit card is avoided completely.
Should you apply for a payday loan or a credit card?
It depends on your circumstances and your present financial needs, but if you’re requiring urgent credit and want to avoid possible long-term debt, a payday loan is the clear winner.
It is unlikely that payday loans will surpass credit card use, but they are becoming a popular alternative for those needing a quick, short-term credit solution in urgent situations. They also offer small amounts of credit to those who would normally be ineligible for a credit card.
Instant approval, cash in minutes and freedom from long-term debt commitment are just some benefits of a payday loan.
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Due to the rising cases of NPAs, frauds, and bad debts, the financial services sector in India has undergone numerous changes in recent years.
Earlier, the branch manager had all the power to approve or disapprove a business loan application.
Now, all the financial institutions follow a stringent and transparent procedure to process the loan application.The application for a business loan is approved only if the borrower meets the eligibility criteria of the borrower.
All lenders require a few documents, and they have pre-determined criteria, which is mentioned on their website.
Therefore, lenders offer loans at lower interest rates.The CIBIL score is affected by several factors; they can bring down the score.
It is calculated by TransUnion CIBIL through a pre-determined algorithm.
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