Payday loans are a fairly new phenomenon sweeping the US. A niche formally served by seedy loan sharks has now been classed up and legalized. Sadly, this has not changed the fact that there is NEVER a good reason to use a payday loan operation. While this might seem like an elitist point of view, critically analyzing the length of loans, cost of loans, and loan situations will prove this out.
Who Uses Payday Loan Services and Why
Payday loan services are primarily used by the poor and people who have had some kind of credit trouble, i.e. bankruptcy, repossession, delinquency, etc. Some people use these services as a legitimate source of emergency funding. In order to pay for things like funerals, hospitalizations, or other emergency services, some people feel like they have no other option than payday loans.
In the United States, poor people and people in emergency situations pay more for just about everything. Studies have shown that the poor pay more for all types of loans, insurance, and even everyday goods like groceries. This is a result of their lower income and lack of financial education. Clearly, higher income does not necessarily increase financial literacy; however, higher income does decrease interest rates paid, increase disposable income to cover emergencies, and allow people more room for financial errors.
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