Payday Power Develop New Loan Application Process for Improved Success Rate

Aug. 5, 2011 - PRLog -- When applying for any form of loan, the decision is often pretty cut-and-dry. Once you’ve filled in all forms, you will be provided with a swift answer – usually a yes or not. However, payday loan broker, Payday Power, are now offering unsuccessful applicants a second chance.

When customers visit Payday Power and apply for a same day loan, their application is passed on to a number of approved lenders. In the past, if the applicant was declined this would signal the end of the process. However, thanks to new developments within the system, if someone is declined they will now be provided with a second chance.

This is made possible by providing two tiers of lenders. Whilst an applicant who is successful first time around will enjoy the best deal available, those who are provided with a second chance may have to pay a little extra interest to get the funds they’re seeking. All payday loan companies assess risk differently, therefore even if you can’t get approved by one, there may be another that can help. This is essentially what Payday Power are now trying to facilitate within this one quick and easy process.

Simon from Payday Power explains it further “As a loan broker we send each application to a number of approved lenders. Whilst some are only able to offer improved rates to low-risk borrowers, others are happier to take on those who are perhaps seen as less desirable – possibly because of their credit history or employment status. As such, we are now able to offer our customers a second chance if they don’t meet the requirements of our first tier lenders.”

“Through our new loan application process, we will be able provide unsuccessful customers with a list of reputable lenders who may be better positioned to assist. As such, they can swiftly reapply and hopefully still get the necessary funds second time around, without having to scour the Internet again. As a result of this secondary level of lenders, we will now be able to help even more people and remove much of the hassle that surrounds borrowing.”

About Payday Power

Founded in 2008, Payday Power is a leading broker of online payday loans. Part of the Reset Finance group, they enjoy the backing of a number of major lenders to help get the best deal for customers. Payday Power offer payday loans of up to £1,250 at a typical APR of 1,737% - equating to around £25 per £100 borrowed or 25% of the total amount – and are committed to responsible lending.

For more information please visit http://www.paydaypower.co.uk/payday-loans.php