Bridging the gap between credit cards and payday loans

This post was inspired by an article in Cheklist magazine by Richard Kelsky titled “Sea Change on the Lending Horizon.”  Richard makes the following points:

  1. Payday Lending Exists Everywhere
  2. Credit Can be Abused by the Rich and the Poor
  3. The Need Exists

He also talks about the need for new alternative products for cash advance lenders.  I wrote about this back in 2008 in an article titled “Payday lenders are filling a huge credit gap.” This is relevant more than ever.  Today, credit card companies are slamming the door in customers’ faces.

I don’t think payday loans will go away, but there is a need for a $500 and up product that spans 6-24 months.

by admin

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