The various new features that payday loan lenders are introducing

The various new features that payday loan lenders are introducing

The payday loans sector has been thriving in recent years and much of this has to do with recent innovations in how payday loan companies deliver their products to consumers. Prior to the advent of internet lending, the only way to apply and receive a payday advance loan was to approach your local store this made getting instant access to cash when you need it a bit of an inconvenience. Nowadays however, the majority of the major payday advance lenders have established strong web presences and this allows consumers to apply for, and potentially be accepted for, a payday advance loan in real time.

One of the major advances in the sector was the opportunity to transfer cash instantly to consumers. In days gone by it may have taken upwards of three days for a lending company to transfer the necessary funds into an applicant's bank account this process has now been streamlined and the majority of major banks now allow lending companies to transfer the cash instantly, or within a timeframe of around two hours, for an additional fee. This has given lenders a lot of opportunity to review and revise their internal structures and make the entire process of applying for a payday advance loan far more seamless than ever before.

Another major advance that many payday lenders have introduced in recent years is in how applicants apply online for a payday loan. In days gone by applicants would have to provide a vast amount of additional information in order to validate their applications this process has now been done away with (at least by a number of lenders) and consumers can now get even quicker access to cash. Prior to this advance in dealing with payday applications the consumer would be encouraged to submit or fax any range of identification to the lender including a copy of their driver's license or passport or even proof of income.

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