More Americans age 18 and 25 are using payday loan services and sites like Loans.net, which offers fast and easy loan comparisons.
New York, NY (PRWEB) May 25, 2012
For years, payday loans were used by a specific group of low-income wage earners in the U.S, but that has now changed according to a new study by ThinkFinance, which offers banking services. More Americans age 18 and 25 are using payday loan services and sites like Loans.net, which offers fast and easy loan comparisons.
Payday loan companies, like the ones found on Loans.net, offer short term loans that give the borrower cash until the user’s next “pay check.” They carry higher interest rates and are to be returned within the period of a payroll cycle. But according to USA Today’s coverage of this report: “Respondents making more money used certain services at higher rates than those making less money, including payday loans and overdraft protection.” Additionally, the report explains that these users thought highly of these alternative financial services and would use them again.
The reason for this, as Portfolio.com references, is that “Millennials often want cash quickly and hassle-free, and they don’t want to go through the hassle of getting a bank loan, the report suggests.”
Payday loan companies wanting to cater to this demographic might want to consider that this same age group spends most of their waking time on the Internet. A report by eMarketer says that 95 percent spent time online in 2011. Loans.net offers these users a way to enter personal information securely and get at least three loan offers from multiple vendors within one business day. Sometimes, users can even get cash within 24 hours.
About the Company
Loans.net is loan comparison website not a loan service company. Since launching last year, Loans.net has offered a simple three step form online to get payday and personal loan comparisons quickly and easily. Loans.net offers low interest loan comparisons from the largest selection of loans online. From short term payday loan and cash advances to hedge against unexpected emergencies to long term auto and home mortgage designed to finance prized asset purchases, lenders on Loans.net offer highly customizable financial aid for almost any financial situation.