The report published by the Financial Inclusion Centre also revealed that around 200,000 households fall prey to loan sharks every year. Extortion and harassment are some of the most common complaints from these stricken families, who had turned to the simplest of solutions during a financial crisis – paycheck loans. Of course, a little discretion would have gone a long way in helping these borrowers make the solution work in their favour and not against.
Amidst the haze of unscrupulous lending, there are a few companies that stand out for their customer-centric practices. Whether it is transparency in the lending process or legitimacy in the debiting practices, firms like Lending Stream have built for themselves a ‘clean’ reputation. This is largely underscored by a ‘responsible lending’ policy that is reflected in every stage of their ’see-through’ loan system. No fine print charges and no inappropriately binding loan terms, only flexible repayment options, secure transactions and fair collections practices are some of the elements that
contribute to their ‘honest lender’ image.
A spokesperson from Lending Stream commented, “We believe all our customers have the right to fair and affordable credit. History tells us that no business has ever come so far with the intention of fleecing their customers. We are proud of our lending practice and can confidently claim that we offer customer friendly services.”
A payday loans can come in handy when people are turned away by high street banks while their needs for cash are rather urgent. Contrary to the popular belief, these cash alternatives cost less than an unplanned bank overdraft, which makes them a natural and practical choice for short-term borrowers.
However, people need to be careful before and after taking the loan to ensure that they do not fall to the guile of loan sharks or get into a debt mess themselves.
source here.
