CashNet USA

Banks have maneuvered their way into the payday loan industry. These days there are many bank institutions providing short-term loans in the same manner as online lenders. Although they may follow the same basic loan principles, these "traditional lenders" have more freedom as far as having to follow state guidelines.

It's not easy for many people to get a traditional bank loan. People with poor credit history, a low FICO score, or a high debt-to-ratio are finding that banks are rejecting their application for a loan. It's hard enough having to go through these qualifications to buy a home or car. So getting a personal loan for a much smaller amount is a need for many people. Personal loans through banks that require collateral are tough to obtain as well. With the demand for the short-term loans as high as it is, banks and credit unions are booming with business.