RSSOverdraft vs. PayDay Loan – What would you do?
May 17
pay day loans, Short Term Loans emergency loans, payday loan, paydayloan, paydayloans, Short Term Loans No Comments
Overdraft vs. PayDay Loan – What would you do?
I bet my mother bounced 5 checks a year when I was in high school. She was a nurse, made good money. My father was a mechanic. Very blue collar middle America folks. They were both responsible people, they worked hard and paid their taxes on time. They did however, make some poor money decisions now and then that put them in a bind.
My mother would never consider taking out a payday loan – they were for ‘poor people’. Having been in the industry now for a few years. My mother would be interested to know that the paydayloan typical demographic is not ‘poor’. In fact, given our current economy – the average payday loan borrower has a household income of about 75k per year. Surprised?
The old way of thinking that my mother had was flawed. She would bounce a $75.00 check. Pay $25 to the bank and $25 to the merchant. That’s $50 bucks for failing to prepare a SINGLE DAY. Any respectable (and some not so respectable) Payday Loan company offers next day funding and cheaper fees than overdraft. Check anyone online. The prices range from $14 per $100 (365% APR) up to $30 per $100 (700% APR+) and even higher depending on the lenders polices. Overdrafts are expensive – They are also accepted by society by far more people than payday loans.
The dirty little secret of our industry is this – Many everyday customers use our products responsibly and even become loyal to short term loan companies for lending them money. Yes, beyond a doubt – people abuse these loans and create or add to an already existing cycle of debt. The customers who abuse the product are the people who need awareness and financial literacy training.
The real problem is not with the everyday folks who use payday loans from time to time. The problem is the abusers, fraudsters and financial addicted individuals who continue to make bad decisions.
If you’re a person who cares about their financial health and is in a temporary bind. Give the company below a chance to help you. They have fair policies and offer a good product.
If you’ve had more payday loans than you can count, or your addicted to short term loans – you probably didn’t read this far down the blog posting anyway and just clicked the button. (Which makes me sad for more reasons than one)
Apply for a PayDay Loan
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