For many households who are living paycheck-to-paycheck, waiting through a lengthy loan-approval process isn’t an option.
(PRWEB) January 23, 2012
CashAdvance.net announces the launch of its revamped consumer lending site, featuring a sleek new user-interface and an even easier online loan application. The company does not lend money; rather, it provides cash-strapped consumers with access to its proprietary network of payday loan providers. Most borrowers can apply online for a short-term loan and receive funds within 24 hours.
“We built the new site to help people get access to the funds they need, when they need them,” said company spokesperson, Steven Wells. “For many households who are living paycheck-to-paycheck, waiting through a lengthy loan-approval process isn’t an option.”
With the economy still sluggish, many consumers are still struggling to cover needed expenses and outstanding bills. Big banks have tightened their lending requirements and become increasingly reluctant to approve loan applications. As a result, more people who have been hit the hard by the recession are seeking alternatives to traditional lending.
Visitors to the new CashAdvance.net site can submit an online cash advance application by providing some basic information, such as their employer and monthly income. Within minutes, a borrower can be provided with a referral list comprising lenders who specialize in short-term loans. This inspires lenders to offer more favorable rates, as they are in direct competition for business with each other. The process rewards the consumer with better loan terms than they would normally receive by driving around to compare rates at retail payday loan sites.
The updated application portal at CashAdvance.net is designed to be faster and easier than the lengthy loan applications used by traditional lenders. At the revised site, the borrowers themselves are the ones in charge at every step of the process, allowing them to progress at their own speed. The ubiquitous nature of the Internet means that no one working long hours or facing lack of access to a retail payday loan outlet will be prevented from accessing short-term loans.
“The updated site gives borrowers of any income level access to immediate funds, without questioning what they need the money for,” Wells said. “We believe the consumer has a right to retain as much privacy as possible regarding their finances.”