LoanAdvances-PaydayLoans Reports Spike in New Applications and Reapplications

Released on: September 13, 2012, 8:22 am
Industry: Financial, Consumer Services, Internet & Online

-- /EPR NETWORK/ -- Loan Advances-Payday Loans has reported a significant rise in the number of loan requests that have been processed and approved over the last 2 years. This was the main gist of the performance report which was presented by Donna Millstone, Division head for short term loans and debts.

In a year to year comparative performance review, the company has posted a 74 percent increase in the number of payday loans that have been processed and approved, and of this number, nearly half of it is comprised by reapplications.

Millstone attributes these positive performance indicators to the strategic positioning by the company in the highly competitive market for subprime payday lending service which was anchored on topnotch customer support and high approval rates.

In a related development, QEC Money, an independent think tank that advocates consumer welfare and proper money management, has reported that the demand for payday loans and other similar short term loans has grown by nearly 60 percent over the last 6 months of the current year.

According to a reliable source within the group, this dramatic jump in the demand for short term loans is a clear indication that an increasing number of Britons are feeling the pinch and are constantly searching for ways to keep their heads above water. "In most instances, they have opted for a pre-payday quick fix," the unnamed source explained. has had a remarkable 37 percent approval rate since its entry into the subprime lending market. The loan requests are normally approved in less than an hour and borrowers can rely on a quick transfer of funds to their bank accounts. In addition to this, the company has also proven its mettle in providing fast and professional support and assistance to its clients for a wide range of concerns and issues.

"We adopt a cutting edge processing and referral system and we have a solid track record when it comes to our response to loan request of potential borrowers," Millstone added. Known for its uncompromising advocacy for responsible lending practices, the company has continually endorsed applications and been transparent around costs for appropriate short term need for cash of prospective clients.

Millstone is quick to add that despite the criticisms and negative reports on this subprime lending service, it remains to be a popular and highly
proven financial tool for a significant number of Brits who are going through short term cash crunches.

"Our company and other providers of payday loans and cash advances are actually servicing the cash requirements of the segment of the market that is not actually served by banks and other similar lending entities," Millstone explained.

Unlike banks and other similar lending institutions, is taking a different tack and assesses loan requests based on the monthly income of potential borrowers. The amount of loan provided by the company will not exceed that which can be paid back by the applicant within the specified payment period.

The demand for payday loans is expected to continue to rise until next year and the company assures its clients that it will maintain its current loan offerings and services and adopt the same approval rates to keep up with the requirements of its growing clientele.


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