Over the years, paydays loans have garnered a bad reputation in a finance industry. While people who are desperate for some ready cash are readily drawn to the promises given by payday loan providers, they find it much harder to pay the money back without it harming their credit status.
Fortunately, personal loans have been growing in popularity as a healthy alternative to payday loans. There are a number of reasons why more and more people are signing up for personal loan services.
What are Personal Loans?
Personal loans are large sums of money payable in several installments back to the lender. The money is usually loaned by traditional money lending services such as banks and credit unions. They differ from payday loans, which are smaller amounts of money loans which need to be reimbursed all together in one installment.
Personal loan lending has recently moved online, with the emergence of Bonsai finance and similar digital lending outfits, which offer substantial benefits over traditional lenders, including speedy service and less stringent credit checks.
Why are they better than Payday Loans?
- Payday loans exploit the financial hardships of people who are in debt or not earning enough cash to pay their bills on their own. Desperation leads such customers to agree to unethical lending conditions that ultimately end up hurting their financial position.
- Personal loans offer greater security for financial transactions by requiring detailed documentation to be drawn up before a loan is extended.
- Unlike personal loans, payday loans are a short term solution and require repeated withdrawal of small amounts of cash, which results in far more cash being spent on your part in terms of transaction fees and interest rates.
Bonsaifinance Enters the Picture
Even with the risks attached to the payday loans system of money lending, the practice still manages to find many takers who are unwilling or unable to go directly to a bank for their cash needs.
That’s where Bonsaifinance comes in. The company makes use of digital technology to cut through the complex application processes and poor customer quality service that accompany payday loans. The aim is to offer a money lending service and application model that allows you to obtain money in a fast and hassle free manner.
Taking on Personal Loans Head On
Bonsaifinance is not a peer-to-peer lending services, nor does it provide payday loans. What it does is provide multiple online payment loans. The service is specially designed to be of help to borrowers who, for various reasons, might have a bad credit score which makes it difficult to get loans from traditional sources.
Bonsaifinance allows you to take the next step in terms of global money lending by creating a digital platform which is fast, efficient and transparent in the services it offers to clients.