According to Google, in January this year alone, Australians searched for “payday loans” related key phrases, over 100,000 times.
(PRWEB) February 28, 2010
Cash Doctors, Australia's leading online cash loans provider, has extended their new $2 cash loans offer indefinitely. The move is due to a sharp increase in market demand for payday loans and cash advances in the country. According to Google, in January this year alone, Australians searched for “payday loans” specifically, and generally through other related key phrases, over 100,000 times.
Speaking from his Gold Coast base, Greg Ellis, Co-Founder of Cash Doctors, says that it’s taken a while for Australians to catch on to this new school loans product but all indicators show that demand and interest are definitely on the rise.
“We’ve had an overwhelming 6000% increase in loan contract offers over the past three years. What we’re finding is our clients are using our service as a viable alternative to credit cards and personal loans. They like the idea that there is no long-term debt associated with our cash advances. Our responsible lending practices mean they are unable borrow amounts they can’t afford. Additionally, we've gained trust in the market place by offering first-time loans for just $2, so people have a chance to try us out. We've decided to continue the offer indefinitely as it's working well for us”.
Mr Ellis believes that this growth will continue to expand as payday loans and payday lenders like Cash Doctors cement a positive presence in the industry and more consumers become aware of the product and its benefits.
The reasons for the increase in interest can be attributed to many factors. Mr Ellis highlights the following reasons:-
- confidential online application forms
- instant online approval
- cash deposited into the borrower’s bank account in minutes (some of the best lenders even pay within seconds 24/7)
- an agreed repayment schedule to suit the borrower’s financial circumstances and pay cycle
- short term loans for small amounts to avoid long-term debt
- the consideration of those borrowers with a bad credit rating
- more reputable payday lenders entering the Australian market
- Heavy governance via the consumer credit code ensures responsible lending practices in the industry.
Mr Ellis adds that consumers find that they only use payday loans when they really need them. Impulse buying of unnecessary goods and services using a credit card is avoided completely.
“Payday loans will never surpass credit card or personal loans entirely but they are becoming a popular alternative for those needing a quick, short-term credit solution in urgent situations. They also offer small amounts of credit to those who would normally be ineligible for a credit card or a personal loan.”
Instant approval, cash in minutes and freedom from long-term debt commitment are just some of the benefits of a payday loan. You can read more about payday loans here