Filling out payday loan applications is often seen as a last ditch effort to right financial wrongs. Some people view the fast cash advance opportunities as getting caught up in predatory lending schemes, but these folks tend to be the ones who have needed a last ditch attempt for emergency cash. When living in a home with a decent income or tow to support cost of living expenses, it’s tough to wrap your head around the notion that there are people out there who cannot even afford a bank account, never mind to make ends meet.
Too many Americans live without bank accounts, live on less than supportive income or unreliable money opportunities. They adapt to whatever means needed to make their finances work. For those with income, the thought of payday loans online or from a storefront could be the difference between food on the table or going hungry. Stories like these do not make the payday lenders out to be bad guys, but rather an alternative option for those who cannot wait until their next payday. It by no means glorifies the loans as being good. They are expensive, but at least they are an option. Take these loans away and these people will find other means to provide for their families. There may be lots of judgments made against the new alternative way to obtain cash. People who live in this situation live in a financial cycle of doom; the direct payday lender is not the culprit.
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The short-term loan industry has seen an influx of middle class income households obtaining fast cash advance loans from time to time. These alternative money opportunities have helped those who have seen their comfortable incomes stay static as the cost of living expenses have increased. Households hare showing so much debt that their pay periods are not always covering everything they once did. Credit card and student loan debt are two of the biggest culprits which are creating more payday loan lender customers each day. Home mortgage financing problems as well as the struggles with employment have placed unexpected persons in line for a short-term loan despite their earlier adversary thoughts towards them.
The payday loan alternative money option may not help those without bank accounts, but other high interest solutions are possibilities. It’s hard enough trying to qualify for third party money without having options taken away due to judgments created by those who have felt the need to apply for one. There is no perfect solution for every situation.
It’s important to not just preach about the cost of payday advance loans to those who rely on them, but to also provide education and help programs to teach people how to live within their income. When a bank account is too expensive or too restrictive to have, there is a problem. Many of us can remember the days that having an account were free and clear of charges unless management errors were made. Requiring a certain balance limit form a person who struggle paycheck to paycheck is only making it more difficult to become financially responsible.
Banks and credit unions have joined in with the payday loan industry in offering high interest short-term loans in order to help people get by to their next paycheck. They have also made it increasing difficult for others to keep money in the bank without wasting it on management fees.
Instead of placing the blame on a money industry that at least offers help, find additional ways to help. It is counter-productive to take money options away without replacing them with additional alternatives. There are few enough options available to those who have major money troubles, it is important to take a positive approach to helping those. You never know when an emergency or financial disaster could put you in line for a short-term payday loan if you can still qualify for one that is.
