Payday Lenders: Quick Service at a Price

Are Payday Lenders Forcing Loans on People?

Payday loans are a valuable tool if used properly. They aren't found money. (Photo: flickr.com)

Payday loans are a valuable tool if used properly. They aren't found money. (Photo: flickr.com)

This is a question that all people seeking a payday loan should ask themselves. Payday lenders are like any other businessmen who are looking to make money on a commodity that is in short supply. Remember, they did not create the shortage; they are only serving people that face the same. If you stop to take a close look, you will find that most lenders are only going by the customer’s requirements. They never force a person to roll over a loan or refuse to accept repayment of money borrowed. They would be more than happy to relieve you of the burden.

It Takes Two to Shake Hands

A payday lender sets up his/her business hoping to lend money to people in need at a cost. They do so at a profitable rate, yet at the same time they do away with numerous requirements that traditional banks and institutions claim are mandatory. Payday lenders are taking a risk by lending out the money and want to get it back with interest and charges which will help them stay afloat. Consumers, on the other hand, look for the money at short notice without many hassles. They are looking for the money to cover a short term need and are willing to pay the price. Life would be so much easier if both parties stuck to their commitments. However, things do not always work that way.

Part of the Blame Lies with Consumers

Easy money is always hard to attain. Price does not matter when the need for the money is urgent. Despite the information that a reputable payday lender provides, some consumers still fail to realize that the loan has to be paid on the next payday and that the payday lender is well within his/her rights to demand the same. Such consumers may think of a payday loan as an added form of cash flow into their accounts. They pay off one loan, only to take another. Some consumers are also guilty of applying for more than one payday loan at the same time. It is only over a period of time that they realize that they are paying a lot more in terms of interest and charges. The complaints start following thereafter.

Is There a Solution to the Problem?

Applying just a little thought to the issue indicates that there is a solution. As mentioned earlier, the payday lender is in no position to enforce a loan upon the consumer. Therefore, it is up to the consumer to take stock of the situation before making an application for a loan. There are times when such a situation cannot be avoided. There are also people who have taken the money just to impress guests or friends. The consumer has to make a hard decision as to whether the loan is really required. If it is and needs to be taken, the consumer then has to think on two fronts: first the repayment and second the shortfall that they will face the next month. Rather than leave things for the last moment and get trapped into a debt situation, the consumer should start making plans to cover for the shortfall expected in the next month. Taking this one simple step will help the consumer utilize the facility that the payday lender offers and also stay out of debt in the future.

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