Payday loans are the method of
choice for millions of consumers whenever a financial emergency arises, as they
offer quick cash in times of need, and are easy to apply and qualify for. So
why are so many people bashing the payday loan industry? It's simple, really.
They see the unlawful actions of a few and assume that everybody is doing the
same things - not disclosing terms, taking advantage of borrowers with usurious
(excessive) interest rates, or in some unfortunate cases, requiring money up
front; these loans are referred to as "advance fee loans," which are
Internet scams that have snookered hundreds of victims.
As with any industry, there will
always be some "companies" that seek to mislead customers to make
money, all the while giving the industry a black eye. In addition to this, many
borrowers take out payday loans without fully comprehending the terms of the
loan, which obviously does not make for a positive experience. The fact
remains, however, that obtaining a payday loan does not have to be a bad
experience. If you research companies thoroughly, deal only with reputable
companies with a proven track record, and carefully read the terms of a loan,
you will find that obtaining a payday loan is a perfectly safe, manageable
means to rectify your financial situation.
Let's examine the reasons why people
choose to shy away from payday loans further. First, as previously mentioned,
many borrowers are either not informed of the terms of the loan before signing
the document, or simply gloss over the terms without fully understanding them.
All of a sudden, the borrower finds him/herself in a precarious situation. It
is mandated by law that lenders MUST disclose all terms in the loan agreement,
including the interest rate and schedule for repayment. By simply reading over
your loan agreement before signing it, you can decide whether or not you want
to proceed.
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