Payday Loans – Past and Future | Payday Loan Blog: Cash Advances and Payday Loans @ CashNetUsa.com

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Payday Loans – Past and Future

Payday loan and cash advance lenders have been supplying customers with quick & hassle-free short-term loans for years. A brief history into the payday loan industry can shed more light on the future of the market.

The brick & mortar arm of the payday loan industry first took root about 15 years ago and has grown steadily ever since. In 1993 less than 200 payday loan storefronts were scattered across major urban areas. Today over 22,000 locations serve both urban and rural areas and draw clients from a broad range of demographics. Growth rate in the industry remains steady at about 20% annually.

The online segment of the industry revolutionized the market about three years ago and has shown faster growth than its brick & mortar counterpart. The ease of use, speed of funding and benefit of privacy have been shown to appeal to payday customers and allowed web-based firms to take a foothold in the cash advance market.

The future is promising for the industry. Online payday lenders are continuing to grow and are working more & more with state legislatures to offer a product that is both easy & safe for their customers. With greater financial services being offered and more technological components being introduced, the future of the payday loan market is looking bright for both customers and lenders.

This entry was posted on Wednesday, April 25th, 2007 at 2:16 pm and is filed under Cash Advance Industry. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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* CashNetUSA and third party lender funds are generally deposited via ACH for delivery next business day if approved by 9pm CST Mon. – Thu. or by 7pm CST Sun.

** Due to state and verification requirements, not all applicants for online loans may be eligible for instant approval by CashNetUSA or third party lenders.

*** Some customers applying for payday loans or installment loans may be required to submit additional documentation due to state law and qualification criteria.

† CashNetUSA or third party lender does not perform traditional credit checks as part of its credit transaction approval process, but does verify applicant information via national databases including, but not limited to, Tele-Track and CL Verify. If you have defaulted on past transactions, you may be declined for a cash advance from CashNetUSA.

‡ Maximum funded amount for payday loans or installment loans depends on qualification criteria and state law. See Rates and Terms for details.

++ Please see Rates and Terms to check the availability of online loans in your state. CashNetUSA is not a lender in all states. In some states, CashNetUSA will (i) act as a broker to arrange a loan between you and a third party lender, or (ii) connect you with a financial matching service.

Customer Notice: Payday advances should be used for short-term financial needs only, not as a long-term financial solution. Customers with credit difficulties should seek credit counseling.