Payday Loans Appeal a Wider Audience, Study Finds

Payday loans are the celebrity category within the class of short term loans. New study finds a sharp rise in the popularity of these loans.

BALTIMORE, Feb. 20, 2014 /PRNewswire-iReach/ -- Mark was down to the last dime -- literally -- on his savings, when he was forced to foot an emergency dental treatment bill. The pain couldn't wait for his next paycheck and neither could the dentist's billing officer. Ignoring it was certainly not an option. Apparently, Mark was forced to choose between pain and debt, and he wisely chose the latter, at least in his case.

Mark is not alone, though. Based on a study by Pew Charitable Trusts, over twelve million Americans have used a payday loan recently and nearly six percent of adults nationwide have used payday loans in the last five years. The number is on the rise since the study's findings were released and online payday loan application sites have made access to this class of loans even easier. In fact, most payday loans are now approved through lender network websites.

Although Mark was faced with an emergency, the report found that most individuals did not borrow for emergency purposes exclusively. Instead, nearly 69 percent used the funds to cover recurring bills (utilities, credit card bills, rent, or food), while just sixteen percent used it for unexpected medical emergencies. Further, collectively, these borrowers spend about $7.4 billion annually at storefronts, websites, and, banks.

 "I am glad I opted to get the treatment done when I was in severe pain. Waiting would have made the situation worse and my bill, higher," adds Mark.

As millions discover the wonderful convenience of payday loans, their wide popularity has called for regulatory scrutiny as well. Thus far the efforts of regulators have wielded an iron hand on unscrupulous marketers and not legitimate concerns.

"Payday loans are like medicine. You take them when you need, but you certainly don't abuse or overuse. Used correctly, payday loans have the potential of tiding you through short term expenses and still saving your skin by not having to ask a friend or family member. Furthermore, the credit criteria for such loans are relatively lenient and more often than not individuals qualify for them without much hassle," explains Maurice Chandler, founder of, a site that provides short term loans, cash advance loans, and payday loans to borrowers. has been in the business of offering short term pay day loans for several decades now. Making a fast buck has never been a priority at the site. A truly dedicated customer service team focuses on helping borrowers with questions, issues, and qualifications criteria. The online payday loan application process often starts with a few basic questions and a short application form that attempts to match qualified borrowers with matching lenders.

For more information and to apply for a short term pay day loan, visit

Media Contact: Maurice Chandler, I.D.S International inc, (646) 257-4131,

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