Lending Stream

Lending Stream

December 16, 2009 01:49 ET

Beat Post Christmas Stress With Lending Stream's Flexible Loan Repayment Plan

EDGWARE, UNITED KINGDOM--(Marketwire - Dec. 16, 2009) - The festive season, as widely believed, is witnessing a surge in customer spending. For personal as well as short-term loan companies, this presents a wealth of opportunities to woo customers with wallet refills and more cash for holiday expenses. However, the situation is not as rosy as it seems. Some critics have assessed the aftermath of this borrowing spree, predicting more debts and subsequently, higher loan defaults post Christmas. That's some food for thought since payday loans, thanks to their short-term nature, are considered practical solutions to instant cash needs, and with expenses shooting up, customers would certainly look to borrow some quick cash. An alternative payday loan solution with a lesser possibility of debt is therefore the need of the hour.

Lending Stream, a company offering same day loans, seems to have hit the right note. A flexible repayment solution, with the option of paying back the loan in 8 days or in 6 months, is their answer to the predicament. To ensure that customers don't end up in a financial mess once the festivities end, the lender gives them the option of repaying in easy, monthly instalments. Unlike other lenders, there are no rollover charges (which in certain cases can go up to Pounds Sterling 20), no prepayment penalties, no admin fees (some lenders charge up to Pounds Sterling 10) or the higher possibility of default to fret over. Customers can borrow cash for a reasonable finance charge and repay at their own convenience.

A spokesperson from Lending Stream commented, "Our data on loan repayments further reinforced our belief that most of our customers find it hard to pay back a significant amount post Christmas, when their wallets get lighter. So, we give them the option of repaying in easy monthly instalments, which reduces their debt obligation. Since expenses are high during this season, most people find it hard to avoid loans. We do our bit to ease their post-Christmas burden by offering them flexibility in repayment."

In a typical case scenario, a customer who takes a Pounds Sterling 200 payday advance ends up needing to pay around Pounds Sterling 270 when the first pay cheque arrives after Christmas. This doesn't take into account the administration fee or the penalty for default (even when the delay is just for a day or two). It is further compounded by the fact that customers receive their December pay early, leaving them with a bigger gap between paydays and very little cash to pay dues or address post-Christmas bills. It is evident that a burden (of this magnitude) on one's finances can prove disastrous.

With Lending Stream's repayment plan, the first month will see customers paying just the interest fee followed by equated instalments that are easy on the wallet. Not only does it reduce their post-Christmas dues but also leaves them with more cash for other bills. That isn't all. One can also choose to close the loan early, anytime during the loan term, without any prepayment penalties. This is to ensure that customers don't end up feeling bound by a long-term contract.

"This is the most important time of the year for our customers. We wish to ensure that there is no frustration caused by overwhelming loan dues with the festive hangover still lingering," the spokesperson stated.

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