WCTRS advocates fair and just practices in support of the loan trading market. Our committee members strive to preserve a healthy and profitable global market for borrowers and investors.
We've all seen the "GET CASH FAST" or "NO CREDIT CHECK" signs covering the payday storefronts. Do they really offer cash fast without a credit check? The quick answer is yes! A borrower can walk in and in less than an hour, leave with cash in hand. Just don't forget to read the fine print. These loans usually carry an outrageously high interest rate, around 600%. So maybe that $200 needed to cover the expensive winter utility bill could end up costing more than $1000. The alternative finance industry has restructured the old cash advance model and introduced a friendlier and more affordable way to offer cash strapped American exactly what they need, cash.
By taking part in the online loan marketplace and using big data to accurately assess credit risk, online lenders can provide individuals an affordable cash advance regardless of their credit history. Now, cash advance loans have a completely new connotation. Borrowers with bad credit are no longer taken advantage of by cash advance lenders.