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SpinDistribute.com Article Directory

The following article was published in our article directory on April 12, 2014.
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All About Payday Loans

Article Category: Finances

Author Name: Roderick Luna

As the credit market make its way into reaching its peak in terms of the amount of lending since the time of economic crisis, regulators are showing concerns on how to curb the credit mentality that have been cultivated by payday lending. There is no stopping them so long as there are people that persistently demand quick cash to meet certain financial requirements - from meeting house bills, emergency needs, to an overnight recreational wants. Whether they are responsible borrowers is not what is placing payday lenders in a bad light. And the least that authorized bodies can do about this is create legislations that will supervise the business conduct of these payday lenders whose name is brought into ill repute due to their predacious rates.

The main issue with payday lending is the exorbitant profit they make from imposing very high cash advance interest rates that could even reach to 4000% annual percentage. That is way above and beyond the 20-30% annual interest rate charged by credit card companies. These payday loan rates are demanded out of payday borrowers whose ability to pay wasn't even as scrutinized as the authorities would have liked to prevent them from rolling over those loans up to the point of being much more than they could only manage. The other reasoning against payday lending is their aggressive marketing schemes, how they tend not to be transparent about their service charges and how they pressure their borrowers to repay what they owe.

This has everything to do with lending ethics that bring the unrelenting borrowers to their knees when the repayment of their debt has gone doubtful. Some have gone to extremes such as getting multiple cash advance loans secured by one paycheck. Getting cash advance loans has obviously created some dubious attitude that the regulators are starting to be extra concerned. Supervision of consumer credit is becoming an advocacy of upcoming candidates to financial posts to gain some merit on what they can bring to the table once given authority in the financial industry.

Suggestions are everywhere: putting a cap on interest charges, increasing the levy that payday lenders pay to the authority to stay in business, and giving debt counseling to support credit unions. These are rational ways to combat the issues being raised against payday loans. Controlling how they perform as a payday lending business and using that to support other more sensible creditors (like credit unions) could help the lenders and borrowers alike to be a lot more practical. If the primary purpose is to bring some order to the unscrupulous payday lending practices, then half of the job is being done.

The whole ordeal of getting fast cash secured by the next payday is convincing and attractive to those who don't have access to traditional lines of credit. The payday borrowers will always have a reason to continue applying for a cash advance. They may be those who aren't able to fulfill one's need of a stable income or those who needs to get by until some other source of cash comes in. But the bottom line is, getting a payday loan is a wiser choice than the illegal lenders, which people in the low-income group would be most likely to consider once worse have come to worst.

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