After a holiday season during one of the worst recessions in American history, and an unemployment rate averaging over 9%, many families are finding that the bills they put off for a month are coming dangerously close to late fees, with a few risking default. With economic situation limiting traditional sources for loans, and families having used their savings to afford even a meager Christmas, individuals are turning to payday loans to limit the impact during the coming month. These Cash Advance Loans are providing options for households struggling with short term finances.

January 8, 2010 – The holiday season, being stressful under the best of situations, was exceptionally difficult for many families in 2009. The U.S. Bureau of Labor Statistics reported that by November, unemployment had reached 9.4% and was lower than 9% for less than a quarter of the entire year. Many households were left with only one income source, struggling to meet financial obligations and scrapping to provide even small amount of joy over the holidays. One of the most prominent strategies utilized was the delaying of monthly payments to January in exchange for gifts on Christmas.

This resulted in higher than expected retail spending, although many banks are now eagerly waiting to charge late fees, but there are options available to reduce these charges. Many individuals will find that opting for a lower costing payday loan fee is far easier to manage than the $20 to $35 late fees charged by their bank or credit card company. Additionally, companies that traditionally focused on payday loans are now offering to pay cash for gold jewelry as a way to help family’s reduce their overall debt by selling unused items that have been collecting dust in storage.

In the last 12 years, payday loans, short term financing meant to provide temporary assistance at lower costs compared to late fees, have become increasingly popular, and with good reason. While the final numbers have not been published yet, it was expected that banks in the U.S. would make more than $35 billion from overdraft fees alone in 2009.

In other words, the traditional banks, who have limited the access to personal loans while increasing interest rates, are charging their clients additional fees because they did not have the money to pay their bills in the first place due to a lower household income. This creates a downward spiral as individuals now have bad credit scores and are unable to receive any form of financial assistance. By offering services such as pre-paid debit cards and check cashing, in addition to title and payday loans, the cash advance industry has helped many families avoid the unnecessary loss associated with such unscrupulous business practices.

About the Company: Speedy Cash has been helping families to avoid overinflated banking fees by providing Payday Loans since 1998. In addition to providing short-term credit options to families in need, Speedy Cash also pays cash for gold, provides check-cashing services, and offers open ended credit lines for individuals who happen to have a bad credit history. To avoid a repeat of the 2009 holiday season, Speedy Cash is working to help families get back on their feet, whether through the purchase of gold, a Payday Loan, or the use of any of their title loans.