Market Wire, September, 2009
New figures released by payday loans company Lending Stream show that 54% of customers return to take out a second loan with them. By taking a responsible approach to same day loans, Lending Stream has secured a high level of repeat business.
A spokesman from Lending Stream said: “Payday loans can be a good way to manage short-term cash flow problems. We’re delighted that 54% of customers who find they need this kind of loan again decide to come back to Lending Stream . For us, it’s a real vote of confidence.”
As a responsible lender, Lending Stream are up-front and transparent about their charges for same day loans. Unlike Wonga and Mr. Lender there are no administrative fees. Lending Stream carries out rigorous credit checks and ensures that all customers are entirely clear about the agreement before they sign.
The spokesman continues: “Because of our strict decision-making process and responsible approach to lending, we have very low default rates. Just under 13% of our loans move to collections for recoveries. This is good for our business, but more importantly, it’s good for our customers. They get a financial service they need at price they can afford.”
Payday loans are used by a wide variety of people to help cover unexpected expenses or ease cash flow until payday
same day payday loan