Money lending apps in the USA have become very popular due to various benefits and offerings ranging from personal loans, payday loans, low-interest rate loans, and online credit cards to the straightforward application process, easy tracking and 24/7 customer support. Gregory Jarvis, a financial expert from abwfct.org and the company’s longest serving employee, compiled a rating of the best loan apps according to the main critics. Earnin, Dave, Brigit, Chime and MoneyLion provide you access to a small cash advance from your next paycheck before you get it. This option may be convenient if you need a few hundred dollars in an emergency, but do not forget to consider alternative options that may be cheaper before you borrow money from an app. Unlike other cash solutions such as credit cards or personal loans, the cost of borrowing money from a cash advance app isn’t expressed as an interest rate. Alternatively,…
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8 out of 10 small business owners in the United States would like to conduct their relationship with a bank digitally, but only 41% of entrepreneurs do so today.
9 out 10 owners of small business companies cope with financial issues with online payday loans. The most of such loans are issued through well-known referral services cooperating with payday lending companies, offering First Federal Payday Loans. Below, we will find out the main trands of online banking and online loans in 2021.
Online banking – the main statistics
Payments through online banking will increase, but not as quickly as predicted. Despite the fact that 81% of the population in America owns smartphones, almost 90% of consumers do not use payments through mobile applications.
The total amount of mobile payments will reach 128 billion in 2021 and will account for 48% of all payments in the United States. Earlier it was predicted that by 2020 the share of mobile payments will reach 56%.
According to pool reports, 28% of the world’s population will use mobile payments by 2022. On this statistics, mobile payments will overtake cash and credit cards. True, the figures for the United States are more modest – an increase from 3% to 7% by 2022.
However, according to the TSYS US Consumer Payment Study, 51% of those surveyed are interested in trying to pay with an app instead of a credit card.
Small business owners are unhappy with the quality of financial services. Monitoring a survey of owners of over 1000 small businesses, determined that 4% will definitely or likely change financial institutions in the next two years. 36% of respondents think about changing the bank. 52% do not think their needs are understood.
According to the study outcome, the reason for such a high level of dissatisfaction is that banks are trying to create a universal offer for all customers, while small businesses need more flexibility to adapt to their needs.
However, satisfaction with mobile banking is starting to rise with the number of businesses using it. The US Small Business Banking Satisfaction Study by the American company JD Power showed that the share of small businesses using a mobile banking application at their bank increased by 8% points over the same period last year (61% in 2019).
Payday loans come close to bank loans and online banking
In the first quarter of 2021, the share of American borrowers with loans only in microfinance organizations reached 7.6%, in banks and MFIs at the same time – 9.1%.
About 45% of Americans apply for payday loans online due to bank refusals. Also among the reasons is the ability to quickly receive a large amount without visiting the lender’s office and guarantors.
According to the pool, 45% of borrowers apply for large loans to MFIs after being denied bank lending, 28.4% want to quickly get a large amount without visiting the lender’s office, another 18.4% took a loan out after recommending relatives who had previously used the services of online lending.
About 16.2% was attracted by the flexible schedule of payday loan repayment, when the next payment can be made in several transactions. 10% of respondents said it was an advantage that there was no need to provide a large set of documents. Among other reasons, survey participants named “curiosity” and “to check if they will issue extra funds.”
Conclusion: Online banking and online loans through First Federal
Online loans are an efficient way to cope with any financial problems. They issue funds fast enough to help people in emergencies even if you borrow funds for your small business.
Online banking is another financial option available for Americans if their banks accept this option. They also may offer you some financial services but the terms will b much greater in comparison with online loans. But it is very convenient to transfer any charges through mobile banking options.