Online Personal Loans Takeover Banks in 2014

2014 is slated to be the year of online loans as a larger pool of borrowers shift their focus toward the online marketplace.

PR Newswire

DALLAS, Jan. 20, 2014 /PRNewswire-iReach/ -- Nearly half of American households barely meet their monthly expenditures and often live from pay check to pay check. Meeting emergency financial, medical, and personal needs often requires external help. Banks and traditional lenders with their multiple layers of bureaucracy and lengthy approval and underwriting processes are looked upon by consumers as too complex and time-consuming.

Many are now turning to online payday loans as a practical solution for immediate borrowing needs. It takes less than twenty fours to secure an approval online and funds are deposited directly into the borrower's bank account within as little as one day. It is no wonder, efficiency and simplicity are primary reasons fueling the popularity of the online loans marketplace.

Recent research by Pew Charitable Trusts indicates nearly $7.4 billion in payday loan activity across 20,000 storefronts and hundreds of websites. Furthermore, nearly 25% (one quarter) of payday loan borrowers did so online and over 12 million Americans borrowed through either a storefront or online. Apparently, this number continues to grow every year. The loan amounts vary but average around hundreds of dollars.

This is significant growth for an industry that started with just a handful of players and rapidly grew to a multi-billion dollar industry conglomerate with thousands of providers.

These numbers are anything but an indication that short term personal loans are increasingly finding home away from banks. The statistics are no surprise considering the fact that banks may not be interested in offering a short term, no credit check loan. The online marketplace, apparently, does not want to miss out on the opportunity and is rolling out deals and seals in the millions.

Despite the variance in interest rates, the convenience of borrowing online is often considered the primary reason why the online marketplace is quickly outpacing both storefronts and traditional banks.

"We are very confident that our service will continue to outperform traditional lenders and banks," says Mark Miller, CEO and founder of CashAdvanceUSA.net. "The inherent simplicity, efficiency, and security with which borrowers can transact with us makes us a preferred destination for cash advance loans online. A simple application connects our applicants to a diverse pool of lenders and the process is accomplished within a very short period of time -- often without so much as a credit check."

http://www.cashadvanceusa.net is a market leader when it comes to short term online loans. Established by its parent company nearly fifteen years back, Cash Advance USA has been providing creative short term financing solutions to a wide range of individuals and businesses and has demonstrated record growth during 2013.

The company aims to double its personal loan production in 2014 and has enlisted several hundred new lenders to join its growing, and rather popular, loan network.

For more information and to apply for a short term loan, visit http://www.cashadvanceusa.net/personal-loans.html.

Media Contact: Mark Miller, Cash Advance USA Ltd, (512) 571-3828, info@cashadvanceusa.net

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

Rates

View Comments (0)