In today's financial climate it is
nice to have options to get cash when you need it. Many people have friends or
relatives who they can turn to when they get behind on bills, but others may
not be so fortunate. The latter groups of people are those who find that payday
loans are a viable option, an option that gives them the ability to access cash
quickly and at a reasonable rate as compared to the alternatives of destroyed
credit and outrageous bank fees.
I have been in the payday loan
business for about five years, prior to that I had a good Federal job and was
just two years away from being fully vested in my Federal retirement. My job
was privatized and overnight, my Federal retirement was out the window. I had
two options: to continue to work for the contractor 800 miles away for the same
pay and no retirement benefits or to do something different. I started to look
for something different. Luckily during my Federal career I had been steadily
investing in small real estate projects and had some resources to work with. I
looked at a large number of real estate based businesses but one day I came
across an opportunity to buy into a payday loan corporation. At first I didn't
really understand the industry and couldn't really understand why people used
this type of business. My "ah-ha" moment came on the day when I got a
call from my son who was in college at the time. He said he needed money
because he had been overdrawn at the bank and didn't know it. He had been using
his debit card for a variety of small purchases like gas, slurpees, fast food,
etc. The bank continued to allow his debit card to charge these items while
charging $25.00 for each and every transaction for which he was "over
drawn" resulting in "over draft fees". By the time he figured
out what was going on, he was $275.00 in debt to the bank for fees on his 11
transactions. From this point on, I started to realize the fallout for a lot of
Americans who fall behind on their bills and don't have credit options
available to them.
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