Payday Loans Albany, Oregon
Albany is the administrative center of Lynn County and the 11th largest city in the US state of Oregon. Albany is located in the Willamette Valley at the confluence of the Calapuya and Willamette Rivers in Lynn and Benton Counties, east of Corvallis and south of Salem. The current total population of this location is 57,798. The median household income is $74,638. The poverty rate is 11.99%. The rate of approved and credit payday loans Albany, Oregon is 26%. The median rental costs accounts $966 a month, and the median house value is $226,200. The median age is 37 years old. Female rate is 27,166 (50.76%), male – 26,355 (49.24%).
What are payday loans Albany, Oregon?
Payday loans Albany, Oregon are a product of payday lending services, implying the issuance of a small amount to the client for a short period of time. The median loan term varies within 31 days. According to statistics, it is much easier and faster to issue a short-term loan, since paperwork is reduced to zero.
Payday loans are a simple solution to borrow money quickly.
It is very easy to become payday lenders’ borrowers. Unlike banks, there is no need to have a perfect credit history. There is no need to prepare for the application, to get certificates of employment and salary at work.
Stages of issuing payday loans Albany, OR
- The application. This can be done without leaving home, having only a device for accessing the Internet and free access to the network.
- Filling out the borrower’s application form. You only need to be an adult citizen of Oregon and have a valid ID. Even students, pensioners and the unemployed can apply for a short-term loan.
- Sending an application for consideration. Unlike banks, which can check you for up to three days, online lenders give an answer within 15 minutes.
- Receiving money. Immediately after a positive decision to issue a loan, the money is credited to your card.
Who may need to apply for cash advance?
Payday lenders enable customers who for one reason or another cannot take out a loan to quickly get a loan of $100-$5,000. A loan without certificates and guarantors most often attracts ordinary citizens. Although quick loans are also used by entrepreneurs who need urgent working capital under the condition of short capital turnover cycles, for example, in retail.
In addition, payday loans enable people with a bad credit history to get the green light from medium and large banks relatively quickly. To do this, it is necessary to conscientiously and consistently fulfill the obligations assumed to payday lenders.
Who takes fast payday loans Albany, Oregon out?
The financial experts have published a portrait of a payday loan borrower. According to the research, the average age of the borrower is 38 years old. These are mostly women (61% of the total number of MFIs borrowers) who are not married and do not have children. The share of clients with higher education is only 20-25% of the total. Basically, the clients of microfinance organizations are engaged in retail trade and services — 20% of the total number of borrowers, they also work in the public sector and production — 17 and 16%.
Most often, MFI clients take money for repairs and urgent needs. Young women who are employed in the field of trade and services and do not have a higher education most often apply for small loans. The percentage of young people with higher education, families and average income has increased. Young families borrow for urgent needs when it is more important to get money than to save on overpayment.
Women are active clients of microfinance organizations — they occupy a 64% share among borrowers. The main part of borrowers (about 30%) work in the service and trade sector. But at the same time, the share of office employees is growing (in the first half of 2019 it increased from 19 to 24%) and entrepreneurs (from 12 to 15%).
According to the statistics, citizens aged 25 to 30 years old are most actively taking loans. Women and men are about equally. Borrowers without children make up 50% of consumers, the same number of customers with higher education. The largest number of clients (36%) receive income umedian monthly income. It is interesting that over the past year the number of clients with higher than median income per month has tripled (reached 15%).
Reasons for the payday loans’ popularity in Albany Oregon among citizens
- The speed of loan processing: you can apply for a small loan within an hour;
- Ease of registration: you only need an ID;
- No deposit required;
- After the application is approved, the money gets deposited to the borrower instantly. The most popular and convenient way for a client to receive money is to transfer a loan to a card or to an electronic wallet;
- Loyalty to customers: everyone can get a loan, from students to pensioners.
- The opportunity to get a loan with a spoiled credit history.
- Consideration of applications takes place around the clock, without lunch breaks, without weekends and holidays.
What are advantages of payday loans?
In general, everything has already been said about the benefits of such loans. It remains to summarize.
- Efficiency. From a few minutes to several hours – this is the deadline for making a decision on a short-term loan application.
- Loyal terms. The opportunity to get money on loan with only one ID, without guarantors, certificates of income or property and, importantly, without collateral.
- Convenience. The application is filled out on the website, the applicant receives money for it in a convenient way. This can be a transfer to a bank card, a bank account, a transfer in the online systems, money delivery to the house, receiving them in the office.
- Credit history is not important.
- Even if you have had delays in the payment of bank loans in the past, this is unlikely to be an obstacle to issuing a payday loan.
- You can get money without leaving home: by phone or via the Internet.