CONTROVERSY IN PAYDAY LOANS
Loading ...A lot of controversy has been spread about payday loans like how you can only find a payday store in poor neighborhoods as well as at military bases. Critics have also claimed that payday lenders only target the young and can be found in low-income communities only who they say do not know how to manage their money properly or may not understand the value of time and money. Some even go further and claim that payday lenders are the new form of loan sharks because of the high interest fees as well as the additional hidden fees that some payday lenders put upon the payday loan. However those that defend payday loans claim that payday loans are not different from their higher-principal, longer-term counterparts such as home mortgages. It is also argued that the high interest rates on payday loans are used unfairly on the poor who pay higher than the middleclass who apparently pay twenty five percent on their credit cards. What makes things worse for payday loans is that they claim not to check bad credit or checks however many lenders have been known to pursue people on this bad checks as well as bad credit even though they knew that the check was going to bounce at the time. All in all payday loans is currently seeing a drop in some areas but a high in others due to the fact that the middleclass are now getting into payday loans as well as banks are now offering their own form of payday loans.
Comments
Got something to say?
Loan Calculator
 | ||
 | ||
 | ||
