The consumer lending landscape has changed a great deal in recent years, and there are some fairly novel options the appeal of which many borrowers have yet to become aware. While millions of consumers have by now made use of so-called “payday loans,” for example, there is another form of lending that regularly makes more sense for particular people.
A Better Style of Borrowing for Many
Companies like Blue Trust Loans offer an alternative to payday lending that suits the needs of a great many borrowers much more precisely. This type of loan can equal or beat out a payday loan in respects including:
- Accessibility – A loan that takes too much time to apply for incurs an associated cost. A hopeful borrower who ends up being denied a loan even after investing into an application is one who is left worse off than before. Just like the payday loans that so many find appealing, loans of this general type emphasize accessibility and ease of qualification. With only an easy, straightforward application process being required, the barrier to entry is always low.
- Term length – One downside of most payday lending arrangements is that full repayment is required not long after the credit is extended. While that will sometimes work out fine for borrowers, it can just as well lead to the need to take out another loan thereafter. In contrast, installment loans offered by companies such as this buy borrowers more time.
- Rewards – Payday lenders have come under fire in certain places for taking a basically predatory stance regarding their customers. An alternative is to work with a lender who is interested in building long-term relationships and who makes that clear in concrete ways. That can make it easier to work consumer lending productively into a person’s or family’s financial plans in the future.
Understanding the Options Pays Off
For those borrowers who become aware of such options and what they have to offer, the right choice tends to become clear. Simply settling for the most obvious and accustomed source of financing might feel easy, but there are generally more suitable and worthwhile options to look into and make good use of.