It seems that the demand for small dollar loans is higher than ever. The payday loan industry has grown exorbitantly in the current recession, and is raking in approximately $42 billion dollars annually.
But why choose a online payday loan? What about banks and credit unions? Can they offer short-term loans for cheaper?
While each bank is different, the majority of small dollar short term loans from banks and credit unions are not worth your time. These loans come with complicated procedures and stacks of paperwork. Sometimes the banks also tag extra fees for their services.
In a two year pilot program instigated by the FDIC, banks were encouraged to open up payday loan options. Only a few banks participated in the experiment, and many of them canceled the alternative when it didn't prove successful.
People would rather complete a quick and easy process and get their cash quick, as is the way of the online payday loan. In fact, these paycheck advances don't require you to leave the living room! From any home computer or laptop, a potential borrower can apply for a small dollar loan, and if approved, the money may be in your bank account in 24 hours!
At ConnectedCommunities, we offer a convenient way to get the same day loan or payday loan you need. All you need to do is apply online with our entirely secure system and sit back and wait. If approved, you'll have your money as soon as the next day! So don't hesitate to apply right now and get your money fast!