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Cash Loan Today

Like the rest of the financial services sector, the cash loan industry today is in a state of flux.

Cash lenders seem to be doing a good business because of the economic downturn. Large numbers of people are turning to cash loans because other kinds of credit are no longer available. Many individuals have been saddled with bad credit scores which make credit cards and bank loans hard or impossible to get.

For the average person it has never been easier to get a cash loan. The internet and the spread of chain and franchise check cashing outlets and cash lenders make it easier than ever to get a cash loan today.

Regulation of Cash Loans 

The federal government seems to be intent on increasing its regulation of the financial services sector. One part of this increased regulation could be some sort of crackdown on cash lenders.

Politicians haven’t signaled out lenders for regulation but that could quickly change. The media and many liberals have historically been hostile to cash lenders. All it would take for increased regulation of cash loans today would be a few hysterical news reports about predatory lenders victimizing the poor.

The nature and scope of the new government regulations haven’t been revealed yet so it is hard to say how they will affect cash loans. There have been calls for a super financial regulatory agency to police all lenders. Such an agency could impose nationwide standards on all lenders including cash lenders.

Since this agency hasn’t been set up yet it is impossible to know how it would affect cash lending. Nationwide standards could make getting a cash loan easier or harder depending on their nature. One interesting thought is that it might be possible for cash lenders to operate nationwide if there was a system of federal regulation for them.

Cash Loan Today for the Average Person

It is difficult to say how the economic situation and the specter of federal regulation will affect cash loans for the average person.

The scarcity of credit and the huge profits flowing into cash lenders make cash loans easier to get for the average person. Cash lenders have lots of money to lend and a much larger pool of potential customers so their business is booming. Most people who want a cash loan today can get one in a few hours.

Unfortunately the possibility of regulation could scare off investors who provide cash lenders with capital. If investment for cash lenders dries up cash loans could disappear meaning it would be harder for an average person to get a cash loan.

Cash Loans Tomorrow 

The future of cash loans is uncertain because of the economic upheaval and the political situation. Business for cash lenders is good because of the credit crunch but their business could be threatened by government regulation.

Average people should be aware that cash loans could disappear because of new laws. If cash loans do go away, many individuals that rely on them for emergency cash could face serious problems.

Worse many people may end up turning to loan sharks, illegal lenders who collect their debts with guns and baseball bats. The reformers who want to protect the poor from  predatory lenders may end up exposing them to real life predators.