What Are Payday Loans
In case you have just stumbled here, you are probably wondering why I’m going so hyper about our boys in uniforms. Well, they have fallen prey to the wiles of easy money. Anyways, since I’m nobody to judge how a man manages or doesn’t manage his money, I’ll move onto what I’d rather talk about: payday loans. These much-maligned instruments of money started out as simple and easy ways of providing you quick money. How and when they evolved into the villains of the piece is still a mystery. So what exactly is a payday loan? In simple terms, payday loans are short-term loans for employed people. These loans are very convenient and handy, but have one small problem — a high interest rate. Interests on payday loans have been known to cross the 500% mark!
The good thing about payday loans is that you don’t have to wait for a credit check by the company. A payday lender doesn’t need to know your credit history. While payday loan companies differ in the information that is required, most of them ask for the following information when you apply for a loan: Proof of employment, proof of a checking account, last bank statement, social security and driver’s license numbers, and proof of residency.
To apply for a payday loan, you have to give your lender a personal check for the amount borrowed plus a fee. Payday lenders allow consumers to write a personal check for immediate cash as long as they have a job and a checking account. The lender agrees to hold the customer’s check until his or her next payday.
Once the company approves your payday loan, the money is deposited into your account. This is done pretty quickly, usually by the next business day. If you cannot repay your payday loans on the date specified, you can extend the loan period. You will only have to pay an additional fee.
You can change your mind about a payday loan without incurring any cost as long as it’s no later than the end of the next business day. You must tell the lender and return the cash. The lender must return any fees charged.
May 5th, 2007 at 2:04 pm
‘Anyways, since I’m nobody to judge how a man manages or doesn’t manage his money, I’ll move onto what I’d rather talk about: payday loans.’
-And exactly how is this not telling a man how to manage his money?
‘In simple terms, payday loans are short-term loans for employed people. These loans are very convenient and handy, but have one small problem — a high interest rate. Interests on payday loans have been known to cross the 500% mark!’
This statement is simply a parroting of opinion, not verifiable fact.
If you compare the short term (Payday) loan fee structure to interest, then you must also compare the Returned Check fees charged by the Banks and Retailers to interest. But you won’t do that because it would resemble fair and balanced reporting.
The opening statement in this post presents an opinion on the ‘boys in uniform’ falling prey to the “evil wiles” of the Payday Lender, as if the “boys in Uniforms” need to be protected from unscrupulous business practices such as lending money to a customer with a reasonable expectation of being repaid in a timely manner.
Did it ever occur to you to ask the very simple question; Why do the ‘boys in uniforms’ go to these ‘Payday Lenders’?
No, it probably didn’t, as tht question would require you to do a little research, and remove your ability to espouse theories on which you have little to no information.
FYI The reason ‘Anyone’ utilizes the services offered by the PDL is very simple; the need for money. The reasons behind this need are not important to the PDL. Whether the ‘boy in uniform’ has done something which required the Command to reduce his income for the next month or so, his unexpected deployment coming up, his absolute ‘need’ to have the latest and greatest paintball gun available. None of these reasons, ( and they have all been used), are important to the PDL. The only things important to the PDL are; Do I have a reasonable expectation of this loan being repaid?
Just a suggestion:
Why not spend one-half the effort used pillorying a service offered to all consumers, military or civilian, to increase the wages earned by the ‘boys in uniforms’ so they are not required to apply for “Food Stamps”, “WIC”, and other “Government programs to live.
May 7th, 2007 at 7:05 pm
tisk tisk all spam