One U.K. Payday Loan company is working towards changing the way things are done overseas. Tired of the bullying tactics being practiced while more and more people turn to these lenders, this U.K. firm is working towards helping those who cannot obtain money from typical banking institutions. People from this area are struggling to make ends meet and are falling into further financial problems by taking out these high interest loans from predatory lenders.
A typical low cost payday loan is a short-term loan which provides fast access to cash at a high interest rate. The loans are set-up to be paid off in just two weeks (on average) with fees part of that balance. Any part of the balance remaining after the initial payoff was scheduled will be subject to the high interest. People who do not pay off their loans or at least significantly pay down on the balance will most often struggle with getting the loan paid off. Here in the United States, many states have set up regulations to limit interest and loan amounts in order to help protect the residents.
The U.K. twist being put onto the typical payday loan is by operating it as a marketplace.
This company in the U.K. is not doing the lending, but connecting the customer with a lender. The information for the potential customer is received then there is a bidding war between lenders. The bidding between lenders is a competitive field where offers of fair and reasonable prices are placed in order to win the chance to provide a payday loan to the customer. Those customers, who are in need of a loan, will get placed with a company who has competed for the job. A loan offer is made and the customer will have a chance to look over the terms and conditions for the payday loan. Once both customer and lender are happy with the agreement, the transaction is completed and the money is transferred into the customer’s bank account.
Here’s the shocker. This whole marketing process could take as little as fifteen minutes! As long as the applicant is over the age of 18 and has already filled out the simple application form, a payday loan is only a short time away. This is one more way in which a U.K. payday loan company is trying to improve the way payday loans are provided.
Here in the United States, there have already been state governments who have set up guidelines trying to limit the freedom of the payday loan lenders. Too many people struggled and continue to struggle paying off their payday loans from companies who were not regulated. There is no marketplace competition here, but there is a competitive field of responsible lenders who are following state guidelines and are offering competitive prices and interest to all who apply. It will take the consumer more than 15 minutes to to shop around, but doing so can save lots of money and headaches in the long run.
Spotya! Online Payday Loan is a company with best practices to all customers whether residing in a state with guidelines or not. Responsibility is promoted within the company and out towards customers.
