Do Payday Loans Deserve a Bad Rap? -

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Do Payday Loans Deserve a Bad Rap?

Do Payday Loans Deserve a Bad Rap?

We have all heard the stories about cash advance lenders charging their customers excessive interest fees. It is true that most payday loans have the highest interest rates compared to any other type of loan. As unfair as this may sound, payday loans do serve a purpose and there are many people who use them to their advantage.

The majority of people who need the assistance of a payday loan have poor credit and cannot obtain a loan by going through the traditional routes. Banks, credit unions and other lending institutions require for their customers to have a credit score of a certain level that a lot of people just simply do not have. Cash advance lenders have reasons to justify the high interest rates that they charge. Where else can you go and receive cash on the spot? Lending cash to people with questionable credit is a big risk to the lender. They have to make up for this risk and for having a large amount of cash on sight by charging higher interest rates on their loans.

Critics of the payday loan say that the short terms of the loan and the high interest fees can cause people to become trapped in a never ending cycle of payday loans. In some circumstances this case may be true. It can turn into a bad situation when people take out a cash advance loan that they know they cannot payback in addition to leaving enough money left over for other bills and living expenses with their next paycheck. In this situation, the person who is in need of a cash advance is better off to ask a friend or a relative for a loan who will not charge them interest and will be more lenient on the payback terms.

In response to the allegations that the problem with payday loans lies with the lender instead of the borrower, cash advance loans are not meant to be a permanent solution to cash flow problems. They are intended to be used only for unexpected expenses and in the case of an emergency.

If someone finds themselves on the payday loan merry-go-round, they more than likely need to step back and asses their budget. If they do not have a budget, that itself may be a large part of the problem. If someone cannot afford to pay all of their bills and necessities after cutting out all unnecessary expenses and going on a budget, they may want to seek higher paying employment or look into debt management solutions.

Even if you have good credit, there are benefits to using a payday loan. The limit on a cash advance loan tends to be much lower than the limit for a traditional loan. Many circumstances call for the borrower to only need $500 - $1,000. They can easily obtain the money through a cash advance without the hassle of an application, a credit check and waiting for approval. Many online websites such as Easy Approval Personal Loans offer both unsecured personal loans and payday loans so you can easily find the loan that best suits your needs.

In conclusion, only you can decide if a payday loan is the best option best for your situation. There are pros and cons to every situation. By being responsible with your finances and educating yourself on all of the possible loan options available to you, you will have the best chance of coming out on top.

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Note: This article may be freely reproduced as long as the authors bio paragraph at the bottom of this article is included, the article is published "as is" (unedited) and all URL's are made active hyperlinks with no syntax changes.
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This article was written by Beth Pardue who has over 10 years of experience in the financial industry assisting clients with assorted financial needs. To learn more about your personal loan options or to apply for a personal loan online please visit: http://www.easy-approval-personal-loans.com

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table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.marketwatch.com/news/story/indiana-community-bancorp-announces-third/story.aspx%3Fguid%3D%257BE029E3F3-EAC7-4D85-BED0-D176BFC44222%257D%26dist%3Dhpprcid=1257720248ei=hlD1SPbpO4Lg6AOltajRCQusg=AFQjCNFzGEP952DX2uiHzmUIk6MnG90dpwIndiana Community Bancorp Announces Third Quarter Earnings/abrfont size=-1font color=#6f6f6fMarketWatchnbsp;-/font nobr7 hours ago/nobr/fontbrfont size=-1The third quarter was positively impacted by an increase in net interest income of $530000 due primarily to the growth in bloans/b compared to last year. b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.newsday.com/business/ny-bzbrid1015,0,5424288.storycid=1257720248ei=hlD1SPbpO4Lg6AOltajRCQusg=AFQjCNGioGtOTSEI1kk0uZLDvYi8DjlIIABridge Bancorp reports higher profits in third quarter/a font size=-1 color=#6f6f6fnobrNewsday/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.marketwatch.com/news/story/Canyon-Bancorp-Reports-Results-Third/story.aspx%3Fguid%3D%257B02F3C986-2EFF-4E85-B814-DAE6BB76EF99%257Dcid=1257720248ei=hlD1SPbpO4Lg6AOltajRCQusg=AFQjCNHHtePQjuKhw8A-LYyDD8EwSIbY8QCanyon Bancorp Reports Results for Third Quarter/a font size=-1 color=#6f6f6fnobrMarketWatch/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.marketwatch.com/news/story/bridge-bancorp-inc-reports-third/story.aspx%3Fguid%3D%257B7C57A498-9490-440B-B4F7-BB2A9F29FC0B%257D%26dist%3Dhpprcid=1257720248ei=hlD1SPbpO4Lg6AOltajRCQusg=AFQjCNHM9xImQmmqsMYhXMTLhDHmV2G9OwBridge Bancorp, Inc. Reports Third Quarter 2008 Results/a font size=-1 color=#6f6f6fnobrMarketWatch/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1257720248hl=ennobrall 26 news articles/nobr/a/font/div/font/td/tr/table

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://washingtontimes.com/news/2008/oct/09/hear-see-and-speak-no-evil/cid=1255977840ei=hlD1SPbpO4Lg6AOltajRCQusg=AFQjCNF7XQ0EVf6-SgTTKiVeORD02C2z_Qimg src=http://news.google.com/news?imgefp=xHJZdqoHQ98Jimgurl=media.washingtontimes.com/media/img/photos/2008/09/09/20080908-150114-pic-590463350_r350x200.jpg%3F0babd24c675f3097b9d1ff106ec8653055db7939 width=80 height=46 alt= border=1brfont size=-2Washington Times/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.washingtonpost.com/wp-dyn/content/article/2008/10/13/AR2008101302257.htmlcid=1255977840ei=hlD1SPbpO4Lg6AOltajRCQusg=AFQjCNHzE3SwDcuF_0oiIrkyIw0jurYYKARescued by Fannie Mae?/abrfont size=-1font color=#6f6f6fWashington Post,nbsp;United Statesnbsp;-/font nobrOct 13, 2008/nobr/fontbrfont size=-1The data needed are not difficult to assemble: current bloan/b balances, the date bloans/b were originated, original property value (or appraisal for refinances), b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://news.xinhuanet.com/english/2008-10/14/content_10196477.htmcid=1255977840ei=hlD1SPbpO4Lg6AOltajRCQusg=AFQjCNG6wNEkyRsxCNkiXOtXK8Z2eWC9fQBackgrounder: Fannie Mae, Freddie Mac/a font size=-1 color=#6f6f6fnobrXinhua/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.themichigantimes.com/news/2008/10/13/Editorials/So.Who.Got.Us.Into.This.Mess.In.The.First.Place-3484500.shtmlcid=1255977840ei=hlD1SPbpO4Lg6AOltajRCQusg=AFQjCNHsYd6Bxy6RlCICwC1S48Gt_he5dwSo who got us into this mess in the first place?/a font size=-1 color=#6f6f6fnobrMichigan Times (subscription)/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://blog.seattlepi.nwsource.com/realestatenews/archives/151324.aspcid=1255977840ei=hlD1SPbpO4Lg6AOltajRCQusg=AFQjCNGJSHtLhzIpmSRg4GHa6yE6rLNCqAFall not Fannie and Freddie#39;s fault/a font size=-1 color=#6f6f6fnobrSeattle Post Intelligencer/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.bloomberg.com/apps/news%3Fpid%3D20601087%26sid%3DanHoZWb6QZ8I%26refer%3Dhomecid=1255977840ei=hlD1SPbpO4Lg6AOltajRCQusg=AFQjCNH1WldZOoaM0-7VcHWdpNiqLWk7JgnobrBloomberg/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://business.theage.com.au/business/fannie-freddie-under-pressure-to-start-buying-20081013-4zwn.htmlcid=1255977840ei=hlD1SPbpO4Lg6AOltajRCQusg=AFQjCNFF8GKQ8mHL6Z9e6cbhe1eYya3t_AnobrThe Age/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1255977840hl=ennobrall 228 news articles/nobr/a/font/div/font/td/tr/table

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.independent.co.uk/news/business/news/lenders-at-odds-over-mortgage-promise-as-home-loans-slump-again-961420.htmlcid=1257611967ei=hlD1SPbpO4Lg6AOltajRCQusg=AFQjCNF3Nsq5_j15mzxWGXaie8T_WF811gLenders at odds over mortgage promise as home bloans/b slump again/abrfont size=-1font color=#6f6f6fIndependent,nbsp;UKnbsp;-/font nobr3 hours ago/nobr/fontbrfont size=-1By James Daley, Personal Finance Editor Mortgage lending is continuing to fall, leading home-bloan/b providers warned, as they demanded further clarification b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.ft.com/cms/s/0/fc555b62-99fe-11dd-960e-000077b07658.htmlcid=1257611967ei=hlD1SPbpO4Lg6AOltajRCQusg=AFQjCNGlPNWtF9uvU6ODosmZMpnf-ft7QgUk data show plunge in housing bloans/b/a font size=-1 color=#6f6f6fnobrFinancial Times/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://news.bbc.co.uk/2/hi/business/7668985.stmcid=1257611967ei=hlD1SPbpO4Lg6AOltajRCQusg=AFQjCNET2vQZFno6sLN35QL7Xiqk6OhTegHome bloan/b numbers at record low/a font size=-1 color=#6f6f6fnobrBBC News/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.ifaonline.co.uk/public/showPage.html%3Fpage%3D820140cid=1257611967ei=hlD1SPbpO4Lg6AOltajRCQusg=AFQjCNGftA02JCcRSLLs_yseS4C_WJ62SgRecord low for house purchase bloans/b/a font size=-1 color=#6f6f6fnobrifaonline.co.uk/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/3195278/Mortgage-lending-plunges-by-63-per-cent.htmlcid=1257611967ei=hlD1SPbpO4Lg6AOltajRCQusg=AFQjCNEfFAdk_t2dM30I3MwaeD_Wed9ipgnobrTelegraph.co.uk/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://business.timesonline.co.uk/tol/money/property_and_mortgages/article4944730.ececid=1257611967ei=hlD1SPbpO4Lg6AOltajRCQusg=AFQjCNHm7pEw0QJpyYT7AykFGUPO5wz7JQnobrTimes Online/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1257611967hl=ennobrall 66 news articles/nobr/a/font/div/font/td/tr/table

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