Do Payday Loan Companies Really Have Your Back?

“Now, remember to watch your pocketbook! You only have yourself to count on! Be aware of what you are doing, and don’t take any chances you cannot afford to take! Don’t jump at the first thing that comes along, trust your instincts! Don’t turn your back on or trust anyone! You don’t know them well enough to trust them! If they offer something for free or inexpensively don’t, under any circumstances, accept! If it sounds too good to be true, then it is! You are the only person with your best interests at heart!”

Could these be the words of someone, a well-meaning someone at that, attempting to talk you out of a financial decision such as a Payday Loan? Or – could these be the words running through your own mind as you’re considering the security of such a move. Do these folks really have your best interests at heart? Ironically enough, the words above are almost verbatim, the words of advice my own mother bestowed upon me as I was about to depart on my first date! (Obviously, she was not the most trusting of souls!)

My point is, that there are many instances where the words uttered above could apply, a first date, and a major purchase, when going off to college, and yes, a payday loan. Yes, there are unscrupulous and predatory lenders out there who can and do prey on unsuspecting souls when their mind is only on obtaining the cash they need. These vultures can and do savagely obtain ones personal information via illegal means or charge hidden fees to the extent that the poor victim is paying hundreds of dollars they cannot afford to.

The Payday Loan industry is hailed as the poster child for such bad practices, mainly because it is a more expensive alternative to obtaining cash fast. The truth of the matter is though, is that for every dishonest Payday Loan provider, there is also another one who complies with all laws and genuinely cares about the well being of the consumers they serve. These lenders comply with all federal laws pertaining to cash advances, and bend over backwards to ensure the security of their site and their customer’s private information. They don’t loan more than the borrower can afford to pay back and make themselves available 24/7 to ensure their customers’ needs are met.

Just as the cautionary words of wisdom could apply to Payday Loans, the Payday Loan industry is not the only industry with a “shady sector”. There are corrupt people in every profession, people who take advantage of the unsuspecting and uninformed sector. This is not right and they should be prosecuted. It is human nature to want to trust and believe the best of everyone. If you’re concerned about the validity of your Payday Loan provider or are wondering if they have your back, make sure that they do, by carefully selecting a reputable provider and making wise and informed decisions.