Payday Loans - Obama Encourages Bankers to Lend More

Tuesday, January 8, 2013

Obama's advice to bankers

Barack Obama, the US President, has repeatedly asked the banking institutions to lend more loans to people and small and businesses. He has also talked tough on many occasions and has asked bankers to be part of uplifting the US financial crisis. He has also held the banks responsible for creating such a situation.

Also, in his recent speech, Barack Obama said, "It is apparent that our existing misfortunes have proceeded solely from our extravagant and vicious system of paper currency and bank credits, exciting the people to wild speculations and gambling in stocks. These revulsions must continue to recur at successive intervals so long as the amount of the paper currency and bank loans and discounts of the country shall be left to the discretion of 1,400 irresponsible banking institutions, which from the very law of their nature will consult the interest of their stockholders rather than the public welfare..."

Payday loans: the smart choice

Payday loans are proving to be the smart choice for those struggling to overcome the credit crunch. As banks remain unwilling to lend, despite calls from President Barack Obama to increase lending, especially to small business, it is getting difficult to get loans approved like before.

People are finding that these loans are perfect for covering day-to-day living costs, as well as one-off emergency costs. This is enabling people to beat the financial crunch and stay on top of their expenses. As people can borrow in small amounts, they find these loans useful in paying for expenses that pop up between pay checks, without feeling as though they have overcommitted themselves. Therese, a nurse, found that a payday loan was the best option for covering her phone and internet bills. "When my hours at work were cut, I found that I couldn't comfortably pay for my home phone, cell and internet bills. They began to pile up, so I decided to take out a payday loan to help me pay. This was great as it allowed me some extra time to cover the expenses."

A fast cash injection

When you need a fast cash injection, payday loans are the way to go. If approved, they are a quick and easy solution to your immediate financial problems. On average, most people tend to borrow between $500 and $800, which is just enough to tide them over until they receive their next lot of pay. With the added benefit of instant direct deposit into your nominated bank account, payday loans are a fast and convenient way of topping up your available funds. However, don't be disappointed as still there are many institutions that are willing to provide loans and help people come out of their difficult financial situation.

Instant 'no wait' approval, if bankers agree to lend

Often people find that applying for a loan is a time consuming, frustrating experience. This is definitely not the case with payday loans. These loans require you to complete a minimum amount of paperwork and can often be completed online with the click of a button. Once you have provided some proof of employment documentation, like a recent payslip, your loan is approved instantly and the funds are wired into your account in as little as twenty-four hours.

Surviving the crunch

For many Americans, paydays loans are proving to be the smart choice for surviving the financial crunch. The fast, non-discriminatory approval process means that you get access to funds that enable you to keep paying the bills. Even if your credit rating isn't up to scratch, you can still get a payday loan - all you need is current employment or proof of regular deposits into your bank account. With banks unwilling to approve loans and credit card limits being slashed, payday loans are the smart alternative. After all, bills stop for no one, so a payday loan might be just the thing to help you weather the storm.

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