|By PR Newswire||
|September 26, 2013 06:00 AM EDT||
SAN DIEGO, Sept. 26, 2013 /PRNewswire-iReach/ -- Over 30% of Americans are unbanked or underbanked according to an FDIC study. This severely limits their ability to get cash for emergency needs, but now they're gaining new access to the financial help they seek with loan-finding sites such as Payday-loans.org.
"We have a highly specialized product offering," stated a Payday-loans.org CEO, Mr. Johnny Gordon, "The fast cash loans are designed for consumers who need emergency short-term cash and they need it now. In other words, they don't have time to jump through all the hoops banks require or they don't have the credit scores the banks are looking for. Either way, a mainstream bank loan is not an option for them."
"Our goal is to build the best network of reputable and flexible lenders offering innovative fast cash lending programs for these Americans who have been shut out by the mainstream banks. And we're constantly adding new reputable lenders and different loan programs," noted Mr. Gordon.
Although some opponents of quick cash loans have pushed back due to higher interest rates on some of these products, the reality is that these loans offer options to borrowers who need cash and can't get it from mainstream banks. They're willing to pay a little more to get the money they need when they need it. Some may be on the verge of having their electricity cut off, need to buy groceries, or get their car repaired so they don't lose their jobs. They may even be facing overdraft fees, which have an effective APR of 3500% according to the FDIC. So in light of these other alternatives, they choose a short-term loan, which they can pay back with their next paycheck.
"On our website, we have a section that explains exactly how you should go about obtaining fast cash and we even spell out the pitfalls a borrower can run into with an unreliable fast cash lender," said Mr. Gordon. "We believe an environment where lenders compete is best for the borrower. The prospective borrower completes a brief application and normally receives responses from multiple lenders. Then, the borrower can compare terms and rates and choose the best fast cash loan that meets their requirements."
"Opponents want to limit the options of these borrowers, but we want to provide more choices and better options for them. In a sense, our site, Payday-loans.org rewards the lenders who have the best terms, rates and service. Over time, they'll standout and earn more borrowers," said Mr. Gordon.
Borrowers will reap the benefits as fast cash lenders continue to innovate their loan programs and improve their terms and rates. So will Payday-loans.org as they continue to develop their expertise of matching borrowers needing quick cash with solid lenders willing to extend credit to these consumers who are underserved by mainstream banks.
To learn more or apply for a fast cash loan, visit http://www.payday-loans.org/.
Media Contact: Johnny Gordon, Payday Loans Organization Ltd, (818) 533-1996, email@example.com
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SOURCE Payday Loans Organization Ltd