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I don’t really have a problem with Payday Loans. I know a lot of people see them as evil, but I don’t. Let me give you mine perspective:
I view a Payday Loan as loans that people desperately need. Say I need $1000 right now, but I don’t have it. My next paycheck for $1000 is coming in 1 week, but I can’t wait that week. That is where a payday loan comes in. It is a small bit of money that people need right away. If people need this money so bad, why can’t the payday loans companies have high interest rates.
They are taking a big risk of these people. These people obviously have no money, and are living paycheck to paycheck. These people would seem to have a high probability of defaulting on their loans. Payday loan companies are such that, companies. They are in it to make money. People need payday loan companies for the services they provide. If the interest rates are real high, then shop around. But most people in that situation don’t have time to shop around. They need money, and they need it fast.
Before you persecute these companies, you need to realize that they are making money. This means people are going to them for loans. If these companies are so sleazy and wrong, then why do people keep going back for more. They see a need, and they fill it. I do not see anything wrong with this. Complaining about a company will do nothing, but taking an action will. I complain about the Cable company in my area all the time, but they are the only Cable company, so I am stuck. I think their prices are too high, but they are the service around me, so I am stuck.
[...] were a few entries this week all focused on payday loans. It’s good that payday loans are starting to be widely criticized online by blogs, and the [...]