Not every state allows storefront payday lenders, or online lenders for that matter. There are a lot of states that do though. There are people who think payday loans are a good thing, and there are people who think they are bad. No one should hate on payday loans though as they help people all over this country.
The states that have not banned payday lenders see people go to these lenders everyday looking for help. Whether it is for an emergency, an everyday expense, or to make a bigger purchase while it is on sale in order to save money. Many of these people return to these lenders because they know they can get the help they need there, whereas they cannot at traditional financial institutions.
The states that have banned payday lenders have not managed to keep their residents from using payday lenders. While they cannot go down the street and walk into a storefront location and get a payday loan, they can get online. While these online payday loans are supposed to be banned as well, people who need the help from these loans will seek them out online anyway.
When people need help they do not always have as many options as other people have. Not everyone has a family member they can turn to in a hard time for help. There are some people who have poor credit and therefore cannot get a traditional loan from a bank. Then there are some people who simply refuse to work with banks because of all the hidden fees they have. This is where the payday lenders come in. They help these people when they have nowhere else to turn or when they have nowhere else they want to turn. They know that all fees will be upfront, so they know what they will be paying without any surprises.
Anyone who has not had the need to use a payday loan should not have the right to talk about them in a bad manor as they have not been in the position that many of the people who need these loans have been in. They should take some time to talk to people who use payday loans, those who go back and use them more than once. Yes there are people who have had bad experiences, but that really is on the person, not on the payday lender, so they should not be blamed. The goal of payday lenders is simple help those that need it.
Latest posts by Roxxie (see all)
- Does The CHOICE Act Promise a Better Future for Helpful Financial Services Like Fast Cash Loans? - December 26, 2017
- Donald Trump Will Knock Down the Legacy of Elizabeth Warren Regarding Payday Advance Loan - December 5, 2017
- CFPB Should Not Tighten the Rules for Lenders Providing Payday Advance Loan - November 14, 2017