Very few people, including the media houses, were betting on the Republican candidate winning the vote. But the election results surprised them all. Donald Trump is now the new president-elect of the United States. Every new president comes in with his own beliefs and policies. So what is he likely to do for the payday loan industry and lending business in general? Let us find out.
Consumer Lending Could See Big Changes
While on the road, Trump had said many times that he is going to cut lending regulation and make it easier for both businesses and the people. This will surely be a big relief for the many payday businesses that offer these short-term loans, and about time too, as many of them have been winding up off late, unable to cope with all the regulations that have been passed in recent times, and the pressures that are often quite unjust.
In the meantime, consumers across the country have been flocking to payday lenders for the quick cash relief they need in an emergency. For instance, last year, people in the state of Alabama took more than 2 million payday loans. It’s an urgent requirement in the Mississippi Delta, and in many other parts of the country as well. So it is clear that there is a need for payday lending and a huge demand for it.