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SpinDistribute.com Article Directory

The following article was published in our article directory on April 7, 2014.
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Payday Loans 101

Article Category: Finances

Author Name: Roderick Luna

Who wouldn't notice all those flashy ads that want to loan you cash fast and easy? They are everywhere : billboards, broadsheets, magazines, online, television and radio commercials. Formally known as a payday loan, it is recognized by most as an informal line of credit that the borrower promises to pay by the next payday. It works quite straightforwardly. You go into the shop, specify your cash need, state or show any proof of income (your upcoming payday or any tax credit) and before you know it, you are handed the payday loan you never would have gotten had you gone into a bank (or to your parents). It's fast and hassle-free, but not without a cost . And we are talking about a big cost: a very high rate of interest. While the borrower gets the cash advance needed immediately, the typical profit to the lender never goes below 1000% annual yield of the original borrowed funds. In fact, 1000% annual percentage rate is an understatement compared to how high it can get if the borrower prolonged having the short-term loan unpaid. And we are talking about 27,000%. It is unbelievable, unrealistic, and almost insane. Yet many frequently get a payday loan and the customers just keep on coming.

The profile of payday loan borrowers is as varied as there are people who need quick cash but the major patrons tend to be the low-income people who are desperate for a quick fix to their financial problems. They are those who need fast cash to fund their electricity bills, rent payments and budget for rations, which apparently are recurring expenses. So what happens is that this month's bill is taken care of a loan, and the loan is being paid by another loan and so on. It goes without saying that they are the ones that never get out of this vicious cycle of debt. If you are in a tight position and in a dire need of recuperate from some financial woes, having easy access to readily available funds can be hard to resist. Payday loans may be doing a saint's job of promoting liquidity, yet it manacles a borrower into a lifetime worth of financial obligation.

It's no longer questionable how lucrative payday lenders can get and how they thrive during these dire financial times. But the growth of the fast cash business is astonishing. Considering the financial austerity that some countries have been doing over the last few years to get through the economic crisis, the short-term loan industry has been spending billions of dollars advertising payday loans. There has been a significant rise of quick cash lenders and one market leader was even named "best heavyweight startup" to say how their presence is being recognized.

While it is easy to get your cash fast, without having to go through any credit checks, the payday lenders will never easily get out of scrutiny for its lending practices. Forget the high rates, service charges and penalty charges they impose, it is a common practice by some of these lenders to misinform about the actual rates and don't even bother if the customer has been getting multiple loans. Now, loan applicants are being encouraged to assume responsibility; regulations are being placed to curb some violations to human rights; and activists are raising awareness on the streets to pressure the lenders from doing anything anomalous. Payday loans may be the quick answer to a small problem but it does create 10 plus more considering the weight of responsibility a borrower would have if not controlled or veered away from.

Keywords: payday loans, pay day loans, payday loan, payday, payday loans online, no credit check loans, pay day loans, quick loans, fast cash cash advance, online payday, personal loans for bad credit, short term loans, quick cash, pay day loan, quick cash loans, same day loans,

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