I read another of those crazy online payday loan lender articles today. This one had a great title to capture the most desperate and vulnerable of people. Within this title was the message “Payday Loans for the Unemployed”. My hands slapped my forehead, my elbows hit the desk and I sighed a big sigh. What are people trying to do to each other?
Granted, the online payday loan lender world has had a rough time earning respect when it comes to the financial industry; but it takes businesses like this one publishing bad articles to make all the hard work go down the drain. When I say, “What are people trying to do to each other” I mean the people who create business opportunities to seek out and take advantage of those in bad financial situations. Even Robin Hood took money from the rich and gave to the poor. Why do some of these lenders feel the need to take from the poor to make themselves richer? It is a moral and ethical mis-practice which has polluted payday loans online and storefronts for decades.
Shop for a payday loan lender who follows best practices
Some people will argue that all payday loan lenders online or storefronts are taking money from the poor. When all you read about in the news are articles about scams, aggressive lending techniques and people going further into debt then it is obviously a justified opinion. Where are the articles about the direct payday loan lenders who do not approve a person for a loan because their income does not support a loan payoff? Did anyone read an article about the lender who disqualified a borrower because they created a fake bank statement trying to take advantage of fast cash with no intention of paying it back? How about the article about all the fake telephone numbers the potential borrower cannot be reached at? There are no articles on these payday loan lender topics, and if there were, they definitely did not become front page news.
So what does one do when they find an online payday loan lender offering loans that are difficult to ignore? That is totally up to the person, but knowing a few things about the industry as I do, I would never recommend to a friend or family member to use a lender with bad practices. In fact, I would try steering that person away from payday loans in general. Payday loans do work for people every day. Some take the low cost payday loan approach and payoff the loan on the original due date, while others extend it for a bit to get the rest of their budget back on track. The loans are not as low cost at that point, but they did solve the need for emergency cash while keeping other financial problems away. There is a price to pay when using third party money. How you have managed your money thus far will determine what kind of options you have for financial relief.
In truth, direct payday loan lenders are only one option for fast cash. They are not the best option, nor should they be a first option. Many people have become more in debt by using a payday loan lender to support their financial troubles. Understand all your options before you do get into a financial bind and you have to find a fast resource for cash. Savings accounts work best. It is a self-sufficient way to end your need for third party cash.
