The latest reports are stating that the credit crunch is far from loosening its grip on consumer loans and by proxy personal loans.
The report that was released last week blamed tight credit as the reason that at least parts of the recession continue to hang on . JP-Morgan Chase & Co are just a few of the banks that have lowered their lending rates. Still, with the bigger banks still keeping the money close, it seems that more people will begin to explore all that payday loans have to offer.
There does seem to be at least a little bit of a bright side however. With less money being freed up for consumer loans, it’s a safe bet that the interest rates will not see any drastic jumps over the next while.