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How Instant Payday Loans are Changing the Loan Market for Good

Direct lenders are an important and easy way for people to get instant payday loans. But while the core concept has remained the same, the payday loan market is shifting. Traditional brick-and-mortar payday lenders are giving way to leaner, more client-focused lenders – the ones you enter through a website link rather than a door.

Online payday loans have boomed as a fast, easy way to get a payday loan from the comfort of your own home. While traditional lenders are scrambling to salvage their business in the streets, every day more and more people are taking to the internet to get faster, more convenient instant payday loans for less.

Online payday lenders have significant advantages against traditional payday lenders:

Truly instant payday loans

Since the rapid growth of the internet, a lot of things have never been easier. That includes getting a guaranteed payday loan with no credit check – it can be done in under 5 minutes online with sites like Fernovo. No more getting to a store and waiting in line, you can get a loan from where you are right now – the future of loans is here.

Competitive rates

Thanks to Fernovo’s superior technology and unique business model it can offer loans as low as 40% under the cap limit, which makes it an attractive alternative to traditional sources if you need money fast. More flexible payment schedules. While many lenders have stuck to the old strict 14-day static policy, other lenders have sought to improve their payment schedules. Fernovo has developed dynamic interest rates as low as 0.5% per day for their instant short-term loans. This allows for simpler, more flexible, and cheaper loans for clients looking to pay their loans off early rather than the fixed-rate loans of the past.

Direct communication with lenders

While you might have to walk back to the store to talk to a traditional lender, Fernovo gives you a direct line of communication to your lender – through talk, text, or email you can often get a response in minutes. Increased communication means a better business-client relationship, fewer misunderstandings, and a better experience for everyone.

Anonymous credit check

Getting a hard credit check can actually negatively impact your credit credit rating, and it shows up on your credit reports in the future. On the other hand, getting a credit check with Fernovo doesn’t show up on your credit report at all and is completely anonymous which makes it an easy way to get money fast. While traditional lenders aren’t going anywhere, it’s easy to see how the loan market is shifting for the better, and why more and more people are going online to get loans immediately. There’s never been an easier way to give or get an instant loan and that’s a win-win for both the business and the client.

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