Payday Loans Are the Bestest
You know what, I feel like playing the devil’s advocate today. Quite a few people’ve asked me why I always write bad stuff about payday loans. And they seem to have a point — I mean if I am writing a blog on payday loans, how come I never have anything good to say about them? Point taken.
One thing good about these loans is that they are an ideal source of quick cash for employed people with emergency cash needs. If you are in need of some cash in a hurry and can repay the amount borrowed with the fees within a short time interval, a payday loan is the thing for you. It’s another thing that most people can barely manage to repay the borrowed sum, and I haven’t even begun talking about the interest.
Fine, so where was I? So, what is it that makes payday loans so lucrative over other forms of loan? The fact that it is fast to secure. Of course, at the cutthroat rates that they offer, this is the least they can do in the form of customer service. Other benefits include the lack of a credit check and a history of bankruptcy does not compromise your chances of securing a loan. Wow! I mean, these guys are the most responsible lenders I have ever sawed! I mean they don’t want to know if you can repay. All they want is a check from you and they’ll lend you the money.
And if the APR rate is unusually high, don’t blame the payday lenders. After all, you should understand that it is a high-risk industry. So, the APR rate has to be kept high to justify the high risk.
I could go on and on like this forever and yet we would lead nowhere. I know payday loans are not bad — as an idea! But the idea needs to be worked on. In its present form, it is unacceptable but with a few tweaks, I’m sure, it’ll turn out to be one of the best financial tools of the 21st century. Go on, call me an incurable romantic!