Quick payday loans have long been considered an easy and convenient way to get the little spare cash you need to do it until your next fast payday loan. But what do we actually know about the service we use regularly?
Facts About Quick payday loans
1. It is a new industry
The first companies involved in day-to-day payroll issuance emerged about 20 years ago, back in the 1990s. To compare, banks around the world began lending early in the morning of the 40s or more than 70 years ago.
2. Mass coverage
With more than just two decades of salary a day, the lending industry managed to capture an astonishing amount in 35 countries across the country. According to statistics, about 30% of the total US population occasionally uses loan amount loans. About 70% of these people use them every month.
3. Fast payday loans worldwide
Currently, the fast payday loan industry, as well as its counterparts, is located in almost half of the planet’s countries. From the US and Canada to Germany and Poland, and from Russia to Japan.
Today, Greek, Italian, Spanish and British supporters have welcomed fast payday loan services – sometimes called “quick payday loans”, “instant loans” or simply “quick money”. It is claimed that the budget and job cuts in the country have been left to the poorer country’s economy.
Statistics show that in 2010 and 2011 alone, 10 million loans were withdrawn in the United Kingdom, which is quite an impressive number in a country of around 45 million.
4. Community and Reasons
Many loan auction companies, which have a high proportion of borrowed loans, have an open view that most offices should be combined with low- and middle-income minority communities.
Typically, residents of such areas earn less than $ 2,000 a month and are more exposed to short-term loans once or twice a month.
5. It is careless
For many, another thing about recovering money is waiting 15 minutes: the average amount of time it takes to apply for a loan and get paid.
6. Fast payday loans vs. Fastfood
The most popular fast-food chain in the world, McDonald’s, seems to have surpassed instant lending institutions in its homeland.
There are 35 countries where the business lender’s lending industry is not yet banned, while 29 of these have two immediate loan offices each at McDonald’s – just 12,000 eateries versus 24,000 loan offices.
7. No down payment, full loan amount at one time
Typically, the amount of borrowed money in the United States rarely exceeds $ 300. With a 50% to 70% interest rate on each loan, the borrower will have to pay another $ 150.
The practice of “unpaid loans” from loans issued by lender agencies may seem to hinder those in need of quick cash support. However, over the past decade, the industry’s popularity has only gained momentum and, ultimately, it replaces traditional credit card loans.