MIAMI, Dec. 10, 2012 /PRNewswire-iReach/ -- The market for unsecured personal loans heats up as the recession continues to tighten its grip and individuals impacted by the economic crisis resort to short term personal loans in order to fulfill financial needs. "Life has its way of throwing unexpected emergencies and often an unsecured personal loan is the only way to bridge the gap," says Jill, a customer of Personal-Loan.com, a free service that provides personal loans.
Until recently, the amount of personal loans was capped at $5,000 but Josh Jones, a major force in the online personal loan industry, has developed powerful relationships to increase the cap to $7,500. "We recently increased our lender database by over 50% so we can serve a wide range of loan needs, including bad credit personal loans," claims an excited Jones.
"We all work for a safety net and unfortunately major economic blunders can cause even a well-planned safety net to vanish in thin air. During such times, short term loans can be the only means to bridge the gap for even basic survival," explains Jim who has resorted to short term bad credit loans to meet unexpected financial emergencies.
Applying for short term personal loans was viewed as a serious "time drain" until recently but thanks to services like Personal-Loan.com, the process has become extremely efficient and streamlined. At Personal-Loan.com, you can complete one simple form and gain access to literally hundreds of lenders and banks within a matter of seconds. "We work hard to build relationships with a wide range of lenders and banks so our customers can obtain personal loans for a variety of situations. In addition to traditional banks and lenders, we have built a strong rolodex of relationships with institutions that specialize in serving short term bad credit loans," explains Josh, Chief Financial Officer of Personal-Loan.com.
The dynamics of the online loan industry have undergone a dramatic transformation during the last few years. With one simple application, individuals can gain access to short term loans for a wide range of personal needs, from medical procedures to debt consolidation and car repair. Unlike earlier years, credit issues have not prevented individuals from obtaining loans. "We have some lenders who won't even check credit ratings for short term bad credit personal loans," says Josh. "These are companies that work exclusively with the bad credit niche. They have systems in place to minimize risks and offer great interest rates at the same time. It is the customer who always wins when banks compete for attention and business," adds Jones.
Efficiency, convenience, and simplicity form a potent triad to fuel the popularity of unsecured personal loan services offered by companies such as Personal-Loan.com.