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Payday Lending - Not Meant to be a "Debt Trap"
Author: Michael New Jr.As I have written articles and researched this industry I am finding the pro's and the con's regarding them. But each and every time I read, or hear something critical, that accuses the industry of taking advantage, I realize that payday lenders are merely scapegoats for individual irresponsibility.
People are up in arms about this and they are targeting payday lenders as the proverbial "bad guys." Let's look at it two ways, shall we? 1. There are lenders out there that take advantage of a borrower's inability to pay the loan back in the designated time. They do make a lot of money on the fees from extended loans. The flip side of this is that there are businesses out there in every industry that take advantage of their customers unlawfully. 2. There are borrowers out there that are uniformed or irresponsible when they initiate the loan. The reason I am writing articles for the payday lending industry is to spread the word to consumers to borrow safely and responsibly. If you go to a lender, you are asking for a loan and you should know better than to sign your name to a contract and then not fulfill your end of it. I do not see as many reviews regarding traditional loans as being sharks when people can't pay their loans back. Houses and cars have been repossessed because loans from banks couldn't be paid back. It happens every day, to every kind of person. The payday lending industry does have fees and steep interest rates over extended periods of time. That is the risk in obtaining a payday loan; this is what we may pay for the convenience of getting these types of loans. Now, a good lender will advise you to only take what you need and will even discuss with you your plan to pay it back. If they do so, it is for your own good because they care about you. They don't typically do this as a business practice because it is none of their business what your finances are and they aren't financial coaches. This is where your maturity comes in. You must analyze and be clear on how much you need, what money coming in will pay it back and how long it will take you to pay it back. Those statistics above scream financial chaos and irresponsibility to me. Don't get me wrong, there are exceptions to every rule, there are a percentage of people who have things happen beyond their control and then are unable to pay the loan back. But for the most part, borrowers are leaping before they look. Be smart when buying anything or borrowing anything, especially when you sign a contract, it will save you money in the long run. Finally, take responsibility for your own actions. If you deal with a reputable lender that does everything by the law, and you end up in trouble, then don't point fingers at anyone but yourself. We're not in Kindergarten anymore, right? Don't be a statistic, practice safe lending.Article Source: http://www.articlesbase.com/loans-articles/payday-lending-not-meant-to-be-a-debt-trap-567659.html
About the AuthorMichael New Jr. is an authority in the financial industry. He has written hundreds of articles relating to consumer services and Payday Loan Leads. Contact Info: Michael New Jr. (866)294-4672 miken@checkcity.com http://www.checkcity.com