Indeed there were times when lenders of payday loans would pretty much have their say and way around practically everything, a prime example being interest rates which would be astonishingly high. Service too would be mediocre at best, since there was a hint of arrogance at play, with the players knowing very well that the market had very few players of their ilk.
Not only that, payday lenders knew that customers came to them typically when all other options at their disposal were exhausted. For instance, the customer in question may well have tried out alternative options such as loans from banks or other credit agencies. When that failed, they sought the payday loan option. Over and above this facet, it is also true that the most common situation among prospective payday loan borrowers would be such that they were very desperate for funds, a situation which payday lenders would take undue advantage of, by charging very high interest rates.
All that changed with the emergence of a larger number of players onto the scenario whereby we find that the overall accommodating tendency of these same lenders has in fact increased tremendously. Today, no matter what sort of service that may be sought out of these payday lenders, they are more than happy to provide that with a smile.
Additionally, we find that interest rates have in any case come down dramatically. This is again an initiative taken by these payday lenders to ensure that borrowers find the entire repayment process that much more comfortable. Of course, legislation as well as bad publicity around the very high interest rates charged by payday lenders also played a part in ensuring that when it came to interest rates, they did eventually see a downward spurt as we see at the moment.
Further a very important resultant of increased competition among these lenders is that intimidating tactics as adopted by them have come down dramatically. For instance, in the past, whenever a borrower failed to repay even a single installment on a loan, there would be various kinds of threats that would go out to that concerned borrower, perhaps even to the immediate family and circle of friends, often with intent to shame the borrower into paying up. Today we see very little of such behavior; payday lenders know that such behavior gives themselves as well as the entire business a very bad name and reputation – something which they would like to avoid at all costs.
Given these circumstances, if you are a prospective borrower of payday loans, we would like to assure you that the going could really not have been better for you, from a wide variety of perspectives. Therefore, if you are out for that coveted payday loan, this is the time to go ahead and grab it! After all, there are so many others out there who are making the most of this opportunity, without delaying matters in anyway whatsoever!