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Payday Loan Lenders Offering Better Rates to Borrowers

Written By On 21/03/2013

Payday loans have helped borrowers in times of need, but these have also attracted their share of criticism and negative reviews. The latest blow has come in the form of the University of East London's announcement that it will ban all payday loan ads on campus. Now, lenders have taken some steps to try and curb some of the negativity by offering benefits to borrowers. Seems like lenders are working towards giving their image a complete makeover.

High interest rates attached with payday loans have attracted the most criticism, from both financial institutions and borrowers. Lenders are now coming up with plans that will give borrowers cash real quick but without the large interest rates usually associated with a payday loan, also known as a payday advance. In fact, lenders are actually competing with each other to become the only one offering the lowest rates.

The current economy has made payday loans one of the quickest ways to get a cash loan. While there are downsides to the loan, there is no denying that it can be a savior; and with lenders now taking measures to try and cut down the interest rates as much as possible, payday advance is bound to become more popular.

In 2012, there was a steep rise in the number of payday loans, and this was despite all the negativity. With lender reducing interest rates, the popularity of short term payday loans is expected to rise even more.

Borrowers just need to find a reputable payday loan provider. Make sure they have a consumer credit licence which is granted from the office of fair trading, the number of which is often found at the bottom of the company's website.