Evolution of Payday Loans
By: Yvette Duvall | Posted: 11th May 2006
It seems that cash loan stores used to be located in the worst section of town. In a seedy neighborhood downtown with a neon sign that reads "Check Cashing" or something similar. Many of those stores were for cashing checks for people without bank accounts. Then the payday loan shuffle happened and everybody started doing it. Check cashing/payday loan stores seemed to be popping up everywhere. That was the convenient way to get fast cash until online cash advance payday loan companies like www.cashadvancecentral.com came along, giving consumers more choices than ever. It made sense. Why leave your home and drive around, wait in line, hope for approval and if approved have to worry about getting home safely with cash in hand? If you have access to a computer, you can have cash in the bank by tomorrow. It seemed to be pure genius! At least until faxing documents became a hindrance for those who didn't have access to a fax machine. Online payday loan stores soon went faxless and both local and online payday loan stores don't run credit checks because that is typically who they cater to. If you have bad credit, but you have a bank account and verifiable income, you can get a payday loan. If you don't have a bank account, some local stores will still loan you money. The local stores can provide cash within a few hours, some while you wait and online payday loan companies can have cash automatically deposited into your bank account within one business day.
There are a couple of ways to get a payday loan, also known as a cash advance or simply fast cash, emergency cash, etc. Until recently, a person would have to look through the phonebook to find a payday loan store somewhere in town, then call them and find out what kind of paperwork was needed in order to get the loan. Then you had to search through boxes of records, hoping to find what you need to qualify. Now it's a matter of turning on a computer, filling out a short form and clicking a button.
About the Author
Yvette Duvall is a freelance writer on various topics including finance and health and fitness.
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Tags: business day, cash advance, paperwork, genius, hindrance, payday loan companies, credit checks, advance payday, shuffle, online payday loan, cash loan, phonebook, fax machine, bad credit, loan store, neon sign, local stores, emergency cash, verifiable income