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Online Payday Loan - Market and Qualification

Written By diana pagina on Tuesday, May 7, 2013 | 3:57 PM


Online payday lending was approximately a $11 billion business in 2010 and represented about 35% of the market. Recent forecasts suggest that the online payday lending business will grow to 62% of the market by 2016. So, if you are looking for a payday loan, chances are you will be using an online lender via a lead generation site.

First of all, make sure you exhaust all options before you apply for a payday loan. The fact is that the lenders are lenders of last resort for you, and the interest rates are high because the lenders are taking on consumers who don't have the collateral or credit profile acceptable to traditional lenders (i.e. banks, credit unions, etc.). Look to reduce your monthly fixed costs, sell unwanted items, get a weekend job, have a yard sale, seek government assistance, etc. before you decide it is imperative that you seek out an online loan.

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