Customers Lose Faith in Banks; Look Elsewhere For Fast Money Needs

With the global economic crisis tightening its noose on the average person, the people of UK seem to have lost all faith in the possibility of the banks helping them out.
By: E-paydayloan.co.uk
 
April 22, 2009 - PRLog -- With the global economic crisis tightening its noose on the average person, the people of UK seem to have lost all faith in the possibility of the banks helping them out. More and more big banks are refusing to help borrowers with their instant cash advance needs, leaving borrowers no choice but to turn to the payday loan companies that seem to be in better stead.


In the current recessionary market, many of the world’s major banks are failing to deliver as per the customer’s needs, especially those with instant cash advance needs. While a majority of banks do offer overdraft facilities, the trend seems to be leaning towards the more reasonable option of online payday loans instead.


The no faxing, no credit check pay day advances are proving to be a huge boon for people struggling to make ends meet before the next pay cheque. An online application on the website promises fast money to almost all those who make an application, with borrowers receiving their online payday loans within a few hours sometimes.  


The banks’ alternative to a payday loan is an overdraft facility, which isn’t easily available to every bank membe. Therefore for most people, overdrawing their bank account means being charged excessive fees. On the other hands instant payday loans charge a nominal processing fee – immediately gaining an advantage over the bank’s not-so-simple and extremely expensive lending policies.


People the world over are struggling during this economic meltdown and the United Kingdom isn’t any different. Several thousands of workers have lost their jobs and are unable to pay their bills or clear outstanding debts. This has led to an increase in the number of people with bad credit. In such a situation, the bigger banks are not willing to consider a loan application from a borrower with bad credit history. However, a payday loans company seems to be more generous.


The criteria to qualify for no fax payday loans is much more relaxed than a bank’s – making an online payday loan accessible to a larger number of people. These services offer even credit impaired customers some room to breathe, with no credit checks at all. The loan application process is also made simple with absolutely no faxing, making same day payday loans a possibility for several. Their flexible approach to lending money combined with almost instant access to money is fast making a payday loan a valuable money resource.


Customers are being assured by instant payday loans companies that they can be guaranteed a loan if they are above 18 years old, have a functioning bank account and have a long term job. For many, meeting these criteria isn’t a problem – it is the bad credit that seems to pose a threat to their borrowing needs. Same day payday loans services however are willing to ignore credit reports and offer borrowers money with no credit checks.  


The recession has taken its toll, even on the big banks with some of the world’s biggest names collapsing. Keeping this scenario in mind, other banks are wary of lending money to borrowers with a less than perfect history. In such economic circumstances, the payday loan has emerged as one of the best financial products available in the market giving borrowers easier access to funds for their needs.  


For more information on online payday loans and instant cash advance, please visit http://www.e-paydayloan.co.uk
End
Source:E-paydayloan.co.uk
Email:***@paydayloansuk.com
Tags:Payday Loans, Payday Loan, Online Payday Loans, Paydayloans, No Fax Payday Loans, Pay Day Advances, Same Day Payday Loans
Industry:Loan
Location:England
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