subject: Online Payday Loans - How The Obama Administration Is Making Online Payday Loans More Affordable [print this page] Online payday loans are becoming much more popular among the millions of Americans who need quick cash before their next payday. The Obama administration is cracking down on predatory lending and the payday lending practices of charging 4,000% interest rates are coming to an end. Several states have capped the allowable interest rate to be charged on these short term loans and many retail stores were forced to shut down as a result. However, the closing of thousands of payday retail outlets has led to an explosion in online payday lending and the market is more competitive than ever. This rapid increase in competition has made online lenders issue more competitive rates and consumers are now able to get affordable online payday loans.
If you are in desperate need to get quick cash then getting a cash advance online is probably the most convenient method. Online payday lenders can deposit anywhere from $100 - $1,500 directly into your bank account usually within 24 hours of filling out an online application. They will expect repayment of the borrowed amount plus a finance charge on your next payday or whenever both parties agree to. If you are unable to pay back the loan on the agreed upon date, most lenders will extend your payback period to another date. It is important though for you to try to pay back online payday loans as quickly as possible though as the interest can add up if you keep pushing back the payback period.
The Obama administration is cracking down on predatory lending and providing a more even playing field for the borrowers who need quick cash. With the recent crackdown on state payday lending stores, the online payday market currently controls 70% of the 7.5 billion dollar payday loan industry. Most experts predict that the online market share will continue to increase as our society is more computer savvy than ever and is increasingly relying on online services due to their convenience.
If you are currently experiencing short term cash flow problems and are in need of quick cash then you will obviously want to get the best deal. I would strongly discourage you from going directly to a particular payday lender as you never really no if you are getting the best rate. Instead, the most efficient way to receive multiple quotes and get the best deal on your short term loan, is to utilize a multiple lender website that is affiliated with several payday lending companies. These websites will make the payday loan companies compete over your loan and therefore you are able to choose the one that was able to offer you the best deal. Going through a multiple lender website will save you time and money and they have consistently offered consumers the best market rate available. They are free to use and are by far the most convenient method to get quick cash.
For a payday cash advance loan lender that has consistently provided competitive rates check out this link:
