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The payday loan industry might have found its foothold fast, but several regulatory bodies are mulling serious curbs on it in a bid to protect customers from getting entrapped in viscous debt cycles. Thanks to indiscriminate borrowing and the predatory practices of lenders, the situation is quite grim today with a number of borrowers finding it difficult to free themselves of the inevitable debt trap.
Factors behind Popularity of Payday Loans
In the wake of the recent economic downturn, many borrowers have found themselves struggling to keep up with their loans. Failure to repay loans on time, on the other hand, has resulted in plummeting credit scores as a result of which these borrowers find it difficult to qualify for traditional loans the next time they need money. The absence of credit checks in payday lending has contributed to their popularity in a major way. Borrowers in a bid to meet their urgent cash needs prefer to opt for short term financing as it is free of the lengthy documentation hassles otherwise associated with traditional lending. Individuals generally don’t have to fax their documents for securing approval. Once the loan is sanctioned, the creditor sends the money to your account within 24 hours. It is this easy accessibility that has acted both as an advantage and a disadvantage at the same time. Let’s find out how.
ISO 9001 certification is an international certification that approves the quality of any type of business across the world. Getting the accreditation of ISO (International Organization for Standardization) helps you to get identified by well known companies across the world. Apart from that, one gets to enjoy a number of other benefits on getting this certification including guaranteed quality products, maximum possible customer satisfaction, more organized and efficient workforce, satisfying relationship with the suppliers, lesser amount of reworks etc. Well, you might be wondering how to avail all these benefits. In fact, there are certain criterion which your business must meet in order to achieve this certificate. Moreover, the higher authority of the concerned organization must agree to the implementation of the procedure. Here are some simple tips to get this certificate -
When you are in a situation when you need urgent cash or else you won’t be able to make it to the next paycheck, a payday loan can solve your financial problems. The best payday loan products are now in offer without any hassle of credit check or faxing requirements. This implies that people with a blemished credit history can also apply for these short-term unsecured loans. These innovative credit products can be used to mitigate financial problems like the following:
Why Payday Loans Are Becoming Popular Among Borrowers
You can avail up to $1500 by way of a payday loan which is adequate for fulfilling your short-term financial needs. Given below are the reasons why more and more people are resorting to payday loans to meet their temporary financial urgencies:
Lawmakers in Cyprus have rejected government plans to impose an unprecedented tax on bank deposits, which has thrown into doubt the 10 billion euro bailout agreed upon with the European Union on March 16.
Failures to secure the emergency loans from the EU would leave Cyprus facing a banking collapse.
The bailout, which is considered small in comparison to rescue packages for other troubled EU nations like Greece, represents more than half the size of the 18 billion euro Cyprus economy.
The proposed tax on deposits had sparked big protests outside parliament and messed with the financial markets on March 18.
Officials chose to make changes to the proposals to protect depositors who have less than 20,000 euors in their accounts, but plans to levy a tax of 6.75% on deposits of 20,000-100,000 and 9.9% on anything above 100,000 euro wasn’t approved by parliament.
Cyprus has become the fourth of 17 eurozone stars who have been granted a bailout by its EU partners and the IMF, after Greece, Ireland, and Portugal. Spain was given EU assistance to rescue its banks, but so far has avoided asking for a full sovereign bailout.