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Proposed financial reform bills currently in congress may result in creation of a new agency called CFPA intended to regulate the financial industry to prevent a similar financial meltdown that had resulted in the economic crisis of 2008. However, these bills may be unfairly targeting businesses and hampering their contribution to the economy.

payday loan industry and direct payday lenders. Some argue that payday advance lenders were one of the few financial institutions that contributed positively to the economy by allowing cash flow to the average working family.

“Payday advance loans are the easiest and fastest loans to obtain especially during these hard times, but of course they come with a price.” said Richard Hwang director of finance at a Pay1Day.com. “Our short term loans helped many borrowers get money on demand and avoiding unnecessary overdraft fees and other type of late fees.”

It is true that a payday advance loans can be expensive in terms of fees and interest rates but that is because they are considered high risk loans with higher default rates. Many payday advance lenders are reporting millions of dollars will be lost this year because 20 – 40% of borrowers will default on their payments.

Responsible Payday Lenders
Many direct payday lenders have been adopting responsible lending practices while informing and educating their customers about payday loan risks. For example, Pay1Day.com advises customers that payday loans are to be taken for emergencies only and customers with more than two open loans should not and would not be able to qualify for any future loans until the number of loans drop. Many other direct payday lenders have also similar rules and policies in place to both protect both the customer’s and lenders best interests. Yet despite all these self regulations, payday lenders could be over-regulated by a new financial reform bill governed by the CFPA. This could result negatively; stifling payday lending puts a roadblock on consumer financing as well as the economy.

The credit crunch has made it very tough to borrow from traditional banks. So what alternatives are there? Below are two alternatives, one for businesses and the other for individuals.

Purchase Order Financing

A common problem for businesses is that while they are using their resources to fulfill purchase orders, customers are not paying their invoices, putting a strain on the business’ cash flow. A purchase order financing can help. A purchase order finance is a short term loan to the business that entails funding the business with an initial amount to help them finish their order in exchange for payment when the business has received payment and shipped the order.
The benefits of a purchase order finance is that businesses can get cash flow fairly quickly, however, the annual percentage can be past the 40s.

Payday Loans

An alternative for a smaller short term cash flow is a payday loan. Payday loans are granted to borrowers and due during the borrower’s next pay date, usually falling between 7 and 30 days away. Payday lenders usually look for borrowers who have a steady job and an active checking account.