Los Angeles, California (PRWEB) August 09, 2012
A growing number of Americans are turning to payday loans to help them pay their bills in times of trouble. There are many reasons why someone may need to borrow money in the form of a payday loan. For example, some families want to cover unforeseen expenses or credit card bills. Others want a cash advance on their paycheck so that they can rent a car or splurge on a vacation.
Many brick and mortar institutions like banks and credit unions don't want to make these short term loans because it is too much of a hassle for them. This is too bad for consumers because a large number of them are missing out on a great opportunity to take out a loan.
NeedtoBorrowMoney.net specializes in payday loans, a form of short-term loans that are given out to individuals with a steady employment. The way it works is that when the individual taking out the loan gets their next paycheck. The amount of the loan (plus interest) will be deducted from their account. This makes the transaction easy and painless. The greatest benefit is for those who want to get a quick injection of cash to help them get to their next paycheck.
Alternatives for a short-term loan can be much more expensive. For example charging a credit card when you don't have the money in your account can be quite pricey. Over-draft fees can be break the bank and ultimately will do more harm do a consumer than help.
Payday loans have gotten a bad rap recently because some of our competitors use shady collection agencies and charge heavy fees. John Feldman, the founder of NeedtoBorrowMoney.net, says "we try to work only with companies that have been approved by the Online Lending Alliance or OLA." OLA is a US organization that polices the online lending industry. John went on to say "We also disclose fees and try to end relationships with our business partners if they use deceptive and deceitful practices. At the end of the day we are here to serve our consumers so we try to stay away from those who are only in it for the money."