m. smith
Pay Loans have been wrongfully profiled by the media!
In my opinion Payday loans are a cost effective means of staving off heavy bank NSF charges and late payment fees on payables.
The loan process starts when a consumer visits a payday lending store front or online seeking a small cash loan, usually in the range of $100 to $500 with payment due in full on the borrower's next payday (1-4 wks.). The charges on payday loans are typically a flat fee in the range of $15 to $30 per $100 borrowed for the entire loan period; some consumer advocates have made claims that this charge is interest at 390% percent to 780% percent when illustrated as an annual percentage rate (APR).
The truth is these types of loans are rarely taken out every week 52 times over the course of a year so consumers are really not paying 300% + interest. In fact most of the time these lenders do not charge any additional fees other than an NSF if the payment is missed.
So you should look at these loans as a flat fee instead of an interest charge and compare the payday loan fee to the outrages fees and charges that would be charged by merchants for not paying your bills on time. For many who live from payday to payday loans are an effective tool for paying for unexpected or emergency expenses. For example you may need to cover a check you wrote before it gets to the bank and you incur NSF fees from the bank $30 and also the merchant another $30 that a total of $60 per check; or you may need to pay a bill before its late and you incur an additional late fee to a merchant (many credit cards companies charge a $39 late fee on missed minimum payment of $40 and $50). Payday loans can save families hundreds of dollars when compared to consumers paying outrages NSF fees and late charges.
A payday loan typically works like this; a borrower writes a check to the lender for the full amount of the loan plus the fee. On the due date, the borrower is expected to return to the store to repay the loan in person or the lender will process the check by deposit or electronic withdrawal (ACH) from the borrower's checking account.
If the account is short funds to cover the amount of the check, the borrower may face an additional NSF fee from their bank and the lender, but rarely is any other additional fee charged for the failure to pay. In fact many states have adopted payment relief programs for customers who cannot pay back the loan when due. These programs are called extended payment plans with no additional cost to the consumer. For example payday lenders in Washington, offer extended payment plans required by law.
Some Payday lenders require the borrower to bring one or more recent pay stubs to prove that they have a steady source of income. Some also require recent bank statements.
Log onto "california payday" .com and get your next cash advance online from Advance Til Payday.
Don't be fooled by the cries of advocates who claim that these loans prey on the poor. In reality it is the banks who pray on the poor with outrages fees and charges and by processing the largest check first through your bank account. Banks really do this and this process causes the smaller outstanding checks to bounce increasing the number of NSF fees you have to pay to the banks and merchants. Payday loans should be looked upon as privatized over draft protection and when used wisely they will save consumers real dollars!
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Posted: December 29th, 2007 | Report This Comment