Why all the fuss when the customer is making the choice to use cash advance lenders for fast cash? With all of the reports on predatory, aggressive or fraudulent lenders, new customers continue to call in each day. Why is it that state governments continue their efforts to regulate or abolish these loans? It should be obvious that when the industry continues to grow, there must be some good in the service.
Should consumers be allowed to make financial decisions themselves? When a state does not allow the online payday lender to help residents, what is it saying about the people and their ability to make personal financial decisions? Is taking options away from people helping? There are many who would answer this question with a strong “Yes!” Those who believe that all lenders are out to take advantage of people lead the voice in challenging the payday loan online industry.
It is a fact; there are cash advance online debts which place people into worse financial problems.
With this being said, the counter argument will state that with all who fall into deeper debt, there are also success stories.
Repeat customers who are not looking for a new loan to repay an old loan. Customers who had financial success from using the low cost no credit bureau check online payday loan and have found themselves once again in a need for fast cash. Believe it or not, there are even those who apply for money with good credit scores. Not many reports are done on the successful stories, they are not entertaining enough, but it shows in continued growth of the industry.
If the lenders who do not follow best practices are taken out of the equation, you will find a group of lenders who work hard to provide competitive interest rates to those looking for low cost cash advance loans. These loans are low cost in many situations. Would you get charged overdraft fees for your next purchase or payment? Would you be charged late fees on payments which cannot wait for your next paycheck? Would that purchase make you go over your available credit limit adding one more fee to the mix? It doesn’t matter if the cost is $1.00 or $100, go over or under with banks and creditors will usually mean a $30+ charge to your already stressed accounts. Making these types of errors with credit cards will not only get you charged money, but will hurt you further with an increase of interest rate on your current balance.
Credit card companies have the right to increase (and on the rare occasion decrease) interest rates. Any type of mismanagement error on the customer’s behalf will put them in jeopardy of interest rate hikes. This new rate will apply to all new and old purchases. If you carry a large balance on the card, your monthly payments can skyrocket to cover the extra charge each month.
People should have the option to get fast cash help in order to prevent any more negative to their stressed finances. There are many intelligent people making their money work in the best way they can. Taking options away or limiting the sources will make those who could have had a successful story and kept it a continued struggle. Payday loans online are a choice for those in need of fast cash. Let customers make up their own minds and provide free financial education to those who need extra help.
