BANKS lent less money to businesses in September , but borrowings by average people needing fast cash helped to increase overall lending according to a recent report from Asia. The Bangko Sentral ng Pilipinas (BSP) said that loans from commercial banks actually grew in August. The governor of the banking system there said that it looked like the recovery was in full swing. This should not effect the people needing the benefits of a cash advance.
There was some bad news however. It seems that the commercial version of the payday loan to the commercial sector in that area shrunk during the same time period. This shows an overall trend in the developing world as they move toward recovery in some areas while they continue to struggle in others.