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Short term lenders looking out for communities

Jul 07, 2012 Philip Burgess

Short term lenders looking out for communities
Short term loans are a viable means of alternative finance for those who receive a paycheck but need money before the next one comes. This can be helpful when an unexpected expense comes up in the event of an emergency.
 Though many across the nation, particularly lawmakers in various cities, are opposed to the practice, there is evidence that the work of short term lenders serves to aid communities. Short term lending provides individuals who desperately need money with options and supplies them with the information they need to borrow wisely. Hotline offered Many lenders know that despite the legitimacy of the sector, a number of people take out short term loans when they should not do so, such as when they don't have a job or do not actually need it for an emergency. USA Short term Forever recently announced they are creating a hotline that consumers can phone to speak to a representative about their financial issues. The business gave an example of the type of individual that would find relief and advice by calling - someone who cannot stop relying on short term loans even when they are not facing an emergency situation. "This hotline is intended as a way for customers to receive personal finance advice when they feel like they are trapped by their finances and cash advance loans. We want our customers to be able to handle their short term loans responsibly," an unnamed spokeswoman explained, adding, "These services are meant as emergency funds, not something to base your life around." The lender is also planning on retraining their employees to find the loan that best works for their clients, while offering a fresh look on their website and new loan possibilities. Representatives did not give a specific timetable for when these new offerings would be available. New materials offered Many companies that offer loans online often provide consumers with materials on their websites that can inform them about the services. For example, Money USA recently updated its "About Us" section on their website to better explain the application process and benefits that can be accrued, to make it easier on clients. The new section makes it clear that those who wish to obtain the loans do not have to submit credit scores, like other traditional loans, in order to qualify, though the website explained the few factors that would prohibit an individual from getting a loan. Money USA's site also explains what happens after approval, so clients have all the information they need to successfully pay the amount back with interest, to prevent them from defaulting.