Payday Loans Research Papers

Individuals often find they need cash quickly, but don't know where to turn if they have bad credit or no credit. Many conventional lenders refuse to work with individuals who have less than good credit, and often they turn these consumers away also. Lending standards have become much tighter in the past few years, although more people are now struggling than ever before. Thankfully, with the help of payday loans, borrowers have an option, one that allows them to get the funds they need in a timely manner without a lot of hassle. MoneyBoat offers a version of the payday loan that better meets the needs of consumers.

What Is A Payday Loan?

Payday loans fill a gap that has long been observed in the financial market. This type of loan helps those who have bad credit or no credit obtain the funds they need to cover an emergency when traditional lenders deny their application. The amount offered with this type of loan is lower than seen with many financial products, and the loan must be
Obtaining a payday loan might not be appropriate for them, however, as they can't pay the funds back in a short period of time. They need to stretch it out over a longer period, anywhere from two paychecks to six months. For this reason, MoneyBoat offers short term installment loans, similar in many ways to payday loans. The major difference between the two products is the amount of time provided to the borrower to repay the loan and meet their obligations. This is only one reason why people rely on MoneyBoat.

MoneyBoat offers a lower interest rate than seen with many payday lenders. In addition, they are very clear about their terms and conditions, so borrowers know exactly where they stand at all times. Finally, staff members are very friendly and helpful and will take the time to answer any questions the borrower may have, as this helps to ensure the borrower doesn't get into a bigger financial