It would be interesting to know how many of the politicians fighting fast online cash advances have ever had the need for one. It is easy to sit on a soap box and tell people what they can and cannot do with their money. I suppose the right would be there if the applicant was a member of their family, but just because the politician lives in the same state, what right does he/she have to tell a person that they shouldn’t use a short-term loan for a money emergency?
Who should ultimately decide if online cash advances are used?
Not even the online direct lender will deny that the short-term loans carry high interest. They will back that answer up and say that since the no credit bureau check online cash advances are a choice, one of many options, and the people who use them have made the decision that the loan is best for their money solutions.
When a person applies for one of these loans, there is no reason to explain what the money is going to be used for. An applicant must be over the age of 18 in order to apply with most direct lenders. Why does the state interfere with these short-term loans? There are many other types of loans and money options which carry high interest. Some of these are for longer terms which charge additional interest for each month the balance is left out.
There are other businesses which provide financial opportunities for customers. The interest is high and sometimes the deals are a bit shady or include hidden costs, but they do not fall under state regulations. There are horrible stories of bad experiences with used car dealerships, private brokers, pawn shops and even banks. State regulations focus on cash advances and payday loans. It leaves a customer looking for help to wonder why?
There are 34 states which recognize that customers should have the final decision when it comes to their money. Within these 34 states, there are some which regulate the lenders. It is understandable the politicians want to limit the interest and how much the short-term loan can provide. When forced regulations or banning the loans altogether, it creates the possibility that a person would look for predatory lenders in order to obtain the emergency money.
When you consider the marketplace for short term fast money, there are many available options for those in a money crisis. There are choices: head to a pawn shop, have a garage sale, use a car title loan, borrow from friends or family, sell items online, or find additional income. The best online cash advances lenders will define their fees and interest leaving the final decision to the customer.
Convenience is the next factor. Some people don’t want to be bothered with having to drive around town. Others like the privacy of getting what they need online. There are enough online direct lenders to keep the prices competitive. It will take some shopping, but when looking at the chances to save money on the loan, it is worth spending a bit of time talking to different lenders that service low cost online cash advances.
