Are you for or against online cash advances as a financial option when money matters tough? It would be interesting to see a live poll taken. A questionnaire could be sent out asking personal opinions of these short-term loans. It would be taken by a research group that is not backed by a lender or by one of the many opposition groups. We would want the cold, hard facts. In addition, we could create a forum where both sides can talk about their experiences or prior knowledge of what a truly responsible cash advance lender is all about.
Let’s leave the fake ones out of the discussion. Real predatory lenders or those imposing as one are oftentimes the links behind negative stories. Lenders located overseas or those who do not have to follow state rules (those affiliated with Native American Tribes or banks and credit unions) also may add to the mix of negativity.
Open Discussion On Cash Advances
Let people talk about their personal stories.
- Why did you choose to use a short-term loan?
- Were you aware of the interest rate or finance charge?
- Did you expect to pay the loan off on the original due date?
- Did the lender hide fees?
- Was the company approachable to answer questions about the loan?
- Did the lender withdraw money without your knowledge?
- Would you ever use a cash advance again?
- Would you recommend a short-term loan to a friend?
- Why do you think your loan was or was not a success?
Things To Think About
I have read many articles about loans gone bad and the high interest hurting a borrower’s finances. I often ask myself these questions: “What did they think when they got the loan in the first place?” “Did they work with a lender who didn’t tell them about interest if the loan is not paid?” “Were they not aware that loans are not free?” “Did they not think about their bank account two weeks ahead and how a full payoff might interfere with finances then?”
I have my own opinions about cash advances and payday loans. Though I have never used a cash advance before, I am glad that they are there. It is an financial option if one ever does fall into trouble. I am by no means an expert on finances, I learn as I go. I’m sure that many of us do the same; make mistakes, correct them, and try not to make them again.
It would be interesting to sit in on a discussion of everyday people discussing money options. How many of them has somebody in their family or a good friend that comes to their rescue? How often would this person do it? Are they expected to pay it back? What would the person do if this option no longer existed?
What Were Priorities?
Who cuts spending to pay their bills? What areas do they focus on? Do they still have cable television and Internet services in their home? Did you not pay your cash advance fees, but managed to keep your smartphone account paid in full? Let’s group people together and have a talk about money, management and debt. It would be interesting to see if the participants change their views on cash advances in either direction. Or perhaps someone walked out of the discussion with a new focus on better budgeting for themselves. Talk is good; take what matters to you with you and leave the rest behind.
Take Away
There may be some good information that we can take away from these cash advance polling and forums. I think the information may surprise the outsider that has never used the payday loan services. When people learn more about a topic, their minds are more open and understanding of these financial options. Of course, try to plan around these emergency-type options. Create a savings account to be prepared for unexpected expenses. Don’t just max out credit cards, so you don’t have any room for emergency costs. Educate yourself on possible financial options from the government. Some programs can assist you with school tuition, food or debt consolidation. Do your research and gain information so you can stay on top of the truth about the payday loan industry.
