Joel Weaver has written several articles on the short-term loan industry.
LoanPointUSA is one of the nation’s top online lenders on the cutting edge of technology. It employs knowledgeable and professional Customer Service Representatives in a state of the art call center. The convenience of doing business on the internet makes it possible for people to get a personal loan, with the money safely deposited in their checking account.
The term “payday loan” conjures up images of people taking loans from unsavory people who will have even more unsavory people break their thumbs if they don’t pay on time. That’s the image politicians, support groups and even the media want to paint when discussing this technologically savvy industry.
LoanPointUSA utilizes proprietary software to process its loan applications. The application is done in a few minutes. Approval is done in seconds. The customer will have the money deposited in their checking account via secure deposit in as little as one business day. All personal information is safe-guarded. There are no hidden fees and LoanPointUSA adheres to the same Truth in Lending guidelines as banks and credit unions.
The industry is highly regulated and self-regulated. LoanPointUSA is a member of the Online Lenders Alliance. Applicants who do not qualify are referred to the Community Financial Education Foundation where they can receive counseling and resources to help them take control of their financial situation.
Recently, those in industry have come under scrutiny by politicians and the media, who portray them as “predatory lenders” who take advantage of poor people. They use terms like “never-ending cycle of debt” to illustrate the point.
These descriptions are highly inaccurate.
The average income of a LoanPointUSA customer is well over $40,000. More than half of the customers who borrow from the company are women with at least some college education. Most live in the suburbs. Most use their short-term loan to get them through a temporary financial crisis and pay the debt back on time.
Seeing the need to help consumers during this time of job loss, recession and inflation, LoanPointUSA has increased its loan limit to $600. With tough economic times comes a need for more money, and the lender is making the higher limit available for people who need help making ends meet.
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