Short term lenders could be put under the microscope

After the 2008 recession, pursuing short term loans as a form of short term lending became commonplace among people in low financial brackets. Short term lenders, which give a cash advance in return for an employee's next paycheck, are a highly sought after way to obtain quick money, have seen a boon in the last few years. With the expansion of short term lending businesses, many scammers are giving a bad name to the sector. A new website, however, could put an end to the doubt in consumers' minds and greatly benefit short term lenders nationwide. The Short term Hound was launched recently with the goal of rating such businesses. Founded by Alison Lin and Con Way Ling, the website will review short term lending businesses and advise consumers on which businesses are best. Profiles of lenders will be amassed using information from corporate registration data, customer complaints and filling out applications for loans to research the submission process. PersonalMoneyStore.com's 2010 Short term Loan Industry Report described the type of person this website would appeal to, the average short term loan seeker. Usually, a short term loan borrower who visits the lender in person - as opposed to an online seeker - is a 38, male, making over $41,500 yearly and has a 50 percent chance of owning a home.