We simplified the user interface and the online application to allow most borrowers to be pre-approved in minutes.
(PRWEB) January 19, 2012
Money Loans announces the debut of its revamped consumer-lending site, now optimized for a faster application process. The redesigned website lets consumers learn about the payday loan process, while allowing them to access the online loan application portal with one click from any page in the site. The new Money Loans site provides an opportunity for those consumers who are less likely to be approved by traditional lenders to access quick cash loans — usually within 24 hours.
“The new website gives consumers with less-than-perfect credit a level playing field for accessing short-term loans,” said company spokesperson Richard Webb. “We simplified the user interface and the online application to allow most borrowers to be pre-approved in minutes.”
The current recession is waning slowly, but many households are still scraping by from paycheck to paycheck. Consumer debt continues increasing, and more and more Americans are getting by as temp workers without the benefits they had come to rely on. With the increased need for stretching a paycheck, more people are searching for unconventional sources for loans, as banks have increased the stringency of their lending requirements. This strategy of self-preservation has ended up costing banks in lost income revenue, which in turn has pushed approval requirement standards even higher.
Money Loans’ updated lending site is intended to break this vicious cycle, serving the growing market of consumers for whom a bank loan has become unfeasible. Applicants fill out an online loan application requiring only basic information — such as income, age, and a bank account number — and are then pre-approved to access the company’s proprietary network of lenders. Borrowers benefit from multiple lender offers, keeping rates competitive. Loan amounts typically range from $100 — $1,500.
The application process itself is simpler than that of a traditional bank, with borrowers themselves in control of the process, moving forward at a pace they are comfortable with and working within their personal schedules. There is no risk of denial due to poor credit or past financial troubles. Personal data is transmitted securely, and only to reputable lenders, granting protection to the applicants from predatory lending.
“In the past, people in need of immediate funds have typically needed to borrow on credit cards or ask family or friends for a handout,” Webb added. “This is a problem Money Loans seeks to address by providing everyone with an equal opportunity to the kind of small loans working people need to make ends meet.”