Constant negative rumors have given payday loans online a bad reputation, and advice to steer clear of these fast money fixes seems to be everywhere. These claims that the payday loan industry isn't reliable and should be avoided are not accurate.
The Community Financial Services Association of America has something to say about all the negative gossip. According to their website, the George Washington University School of Business performed a study to determine the use of payday loans as well as the consumer demand for these small dollar loans.
In the university's sample study, it was found that 86% of customers believe that payday loans are a useful financial product. As well, 88% of these borrowers were satisfied with their last loan.
Therefore, despite the negativity, it is apparent that a vast majority of the Americans using online payday loans are satisfied with the service they are receiving.
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