Quick payday loans helping more people
If your refrigerator goes out, where will you put your magnets?
More middle class people are seeking quick payday loans and renting appliances instead of buying. People with steady incomes are starting to realize that traditional loans or credit cards aren’t their only options. They are also finding out that the refrigerator and washing machine don’t have any sympathy during a recession.
Payday loan for repairs
When the refrigerator or the oven goes out, people generally don’t want to simply forgo eating until their next paycheck. The best option, of course, is to get the appliance fixed. If you don’t have enough cash on hand, you can get quick payday loans and, with the right repair person, have it fixed in time for dinner.
Rent-A-Center for replacements
In some cases the appliances can’t be fixed. And who has the money nowadays to buy a new washing machine? In these cases, more and more people are taking advantage of Rent-A-Center and other companies that offer these types of appliances for rent.
I can see how this would be a huge benefit for college students and other people who move around a lot and generally don’t have much money.
Changing times
Even people who do have extra cash are starting to rent instead of buy. With lenders so leery of borrowers, and borrowers so leery of lenders, renting is looking like a better option than getting a loan.
“We continue to see higher-income consumers relative to average income levels of a few years ago, most likely driven by the credit-tightening,” said Mitchell E. Fadel, Rent-A-Center president and chief operating officer.
Rent without losing a cent
Most rental places, including Rent-A-Center, have rent-to-own options. This can be a savior for people with less-than-stellar credit. The category of what’s considered “good credit” is shrinking. Places that help people who have been turned away from more traditional means of acquiring credit are getting more and more customers. Between quick payday loans and rental options, a financial emergency doesn’t have to turn into a financial crisis.
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- Banks Make for Lousy Lenders, Landlords (bostonist.com)
Rent to own isn’t a bad way to go – if you don’t mind their markups. If you have bad credit and you can’t do without better stuff than you can find second hand, Rent a Center would look pretty good to me too. Not that there’s anything wrong with them, but they get a bit pricey.
Doesn’t matter how much I want it; I can’t afford to buy a new washer. Times are rough and I’m going to pack up my laundry and head down to the Laundromat. What? Of course it’s an inconvenience! Do you actually think I enjoy doing this? I ‘do’ take pleasure in wearing fresh clean clothes if that counts. However, I also like convenience. Perhaps renting to own wouldn’t be such a bad idea.