Compare Payday Loans With Other Loan Types
Many types of short-term loans can seem expensive when the fees associated with the loan are factored as yearly APR. For that reason, payday lenders prefer to compare their loan products to bank overdraft fees and other charges that traditional lenders use to recoup funds. Many payday lenders don't even characterize their business as banks, simply as another form of Internet technology, used to connect willing borrowers with willing lenders.
Payday Loans Are Available 24/7
As traditional outlets for loans become harder to find and are requiring larger and larger amounts of paperwork for even small loans, payday advances have stepped in to fill the vacuum. They're available day and night, seven days a week, and in many cases the process is so fully automated that loans are granted without the borrower ever having to speak to another person. After applicants have established a track record of successfully paying off cash advance loans, some lenders only require applicants to text the amount of the desired loan, and the term of the loan desired, and the money is instantly made available.
Source: http://EzineArticles.com/8518373
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