How Have Online Cash Advance Loans Changed Over The Past Decade

We’ve seen many changes occur all across the financial landscape of the past decade. More and more financial transactions are taking place online. This had led us to see an increase in cash advance online loans. A few years ago if you had to borrow money or get fast cash for a medical bill or car repair, you would consider borrowing that money from your bank. Most borrowers in lending friendly states can now go online and apply for a direct cash advance loan in just minutes. Of course these types of loans have the benefits and also their drawbacks. There is not disputing the fact that payday and installment lending have made the process more accessible for people who may not have had that access in the past.

Another aspect of short term lending that’s fairly new is the ability to get quick loan approvals. changes to getting a cash advance loan Used to be that everything was processed manually. This meant you would submit your loan application and supporting documents to you local bank or lender. Now from this point it would take anywhere from a few days to weeks to find out the loan approval status. Direct cash advances have changed this entire process. With increased technology and integrated credit checking methods, most cash advance lenders can get an answer on an online loan approval in just minutes. Some companies even claim to offer an approval answer in seconds. These are mostly small dollar cash lenders who don’t need to run your information through a database.

One important improvement to the online process has been the ability to apply for a cash advance online with many lenders. This system works as follows. You may submit your documents with a local cash advance lender in your state only to find out they have denied your application for whatever reason. You may have had past loan delinquencies or not enough income each month. With the new loan software in place you can now have your loan application analyzed by multiple lenders. This means you may be denied for a payday advance with the preferred company. There may be a lender down the road who wants to offer a cash advance loan. Don’t get stressed if a lender denies an application. Get information from the lender detailing the specifics of what happened. At this point you will want to review and compare difference companies that provide cash advances. Take the initiatve and find a lender that fits your financial needs!

As with any new type of lending upgrade, there are going to be drawbacks as well. Some critics will say it’s now too easy for the common person to get financing. They say lenders are now enabling the lesser fortunate who otherwise may have turned to more fiscally responsible methods of getting a short term loan. Another drawback involves the loan matching that we mentioned above. Privacy critics don’t like the fact that your personal and credit information is sent to multiple payday loan companies with or without your approval. They say this information needs to be better safeguarded for term financial. With the new advances in financing for cash advances will only make it easier to have your identity stolen. As always you need to weight the pros and cons of direct loans and make a decision that’s best for your long term financial health.