29 juillet 2013 ~ 0 Commentaire



Payday loan lenders get a lot of slack for their services. Although they provide convenient loans, they generally charge high-interest rates and require short-term payback periods. Consequently, all over the web articles condemn these businesses for ‘predatory’ lending practices, grouping all lenders under this one derogatory blanket term; in turn, many people desire to outlaw such services altogether.

Undeniably, there are plenty of predatory lenders who mask loan terms and prey on the financially vulnerable. These lenders make it difficult for customers to determine the actual cost of a loan, which encourages irresponsible borrowing. But not all lenders subscribe to these practices. There are many reputable online and onsite payday loan lenders who strive for transparency in their transactions. These lenders want their customers to understand loan terms, interest, and repayment stipulations and do their utmost to clearly state their policies in order to protect their customers.

Certainly, payday loans can be dangerous if used irresponsibly, which is why reputable payday loan lenders encourage usage only when absolutely necessary. Reputable lenders also make it clear that the borrower must pay back the loan on-time and in-full. It is up to the borrower to take these warnings seriously, to take the time to research the reputation of lending companies, and to establish a budget that eliminates the need for such services in the first place.

If a person fails to abide by a payday loan lender’s stipulations, he/she is to blame. Upon signing the loan agreement, said person is guaranteeing repayment. If he/she is unable to do so when the time comes, it is not the fault of the loan lender, so long as the lender was forthright and honest with loan terms and conditions. Loan lending is a business; like any business, they are there to make money.

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