subject: Why Wageday Cash Loans Are A Continuing Success [print this page] Nearly three years ago the BBC reported on what was then a relatively new trend, the sudden success and increased demand for quick payday loans. It speaks of the high level of billboard and television advertisements depicting happy, healthy customers who had benefitted from these kinds of services. It also speaks of an influx of companies becoming involved in this modern way of lending as the economic crisis dragged on.
Fast forward to the present day and it seems that the BBC can proudly claim to be the source of a Mayan-esque prediction of what was to come. Not to say that this spells the end of the world - more to emphasise the steamrolling success that companies satisfying this particular demand are still enjoying today. Television advertisement breaks are equally saturated if not even more so with adverts that have not changed their ethos. Countless talking heads exclaim how these services really are, and do what they can to convince the viewers that to commit to the company is the right idea to solve a problem.
Despite the fact that, in the opinions of many, these advertisements come across as somewhat of a cover-up of what the result of loaning money from a payday loan company might really be, business is booming. There are hundreds of companies in Britain alone offering these services, each with their own unique selling point.
The process of applying for these loans has become more and more simple, resulting in it taking just a matter of a few hours to see that money reach your bank account. And the increased competition is healthy for the customer if not the company. As awareness increases of the fact that using these kinds of services is not as dangerous as most people think, competitors in the finance sector are faced with having to offer something different to ensure custom. APRs have come down and the amounts of money and the amount of time you have to pay it back have increased.
In 2009 journalists were writing that as long as the credit crunch was around these companies would be here to stay, and with the recession showing no sign of loosening its grip, it looks as though the success of these loan companies will endure. The difference is that, as the years go by the inclination to put our trust into these lenders will grow, and with good reason. The fact of the matter is that if the customer knows what they are doing everyone can benefit from these types of arrangements.
