Ah, the mysterious world of payday loans!
Why do payday loan companies target individuals who clearly cannot afford their services? [Answer below!]
It’s like walking a tightrope without a safety net, right?
It’s as if payday loan lenders entice someone on a diet with a buffet of delectable desserts—a tantalizing but ill-fated proposition.
Let’s delve deeper into the matter at hand.
Payday loans emerged to address the void left by big banks and finance companies, catering to those who live paycheck to paycheck.
And let’s face it, that encompasses a staggering 80% of Americans!
Picture this: you urgently need new tires for your car, but the banks slam their doors shut when you seek a $200 loan.
Where do you turn?
Payday lenders are the answer, at least initially.
They offer cash without bothering with credit checks, and nobody is literally forcing you at gunpoint to sign on the dotted line.
However, here’s the catch: if you falter on repayment, you won’t find Vito Corleone knocking on your door.
Instead, you’ll receive an onslaught of calls and letters. Your FICO credit score? No worries. By now, debtors should know payday loan lenders do not report your payment history to the 3 major credit bureaus.
So, technically, it’s all quite above board.
Granted, people often buy things they cannot afford and turn to borrowing as a solution.
That’s the essence of “debt,” my friend.
And debt itself isn’t inherently evil—it’s a fabric of our society.
Look around!
Who has a spare $30,000 lying around to buy a car or $300,000 for a home (even a modest one)?
The banks, automakers, and even Uber thrive on our borrowed funds.
It’s quite the challenge unless you’re swimming in Scrooge McDuck’s money bin.
Yet, here’s a revelation: you don’t have to succumb to debt if you don’t wish to.
After all, this is a land of freedom and choices.
Take a moment to explore alternative-lifestyle options.
Embracing a minimalist existence on the sidelines can indeed be spiritually satisfying, but that’s a topic for another intriguing discussion.
Simply put, just because a street vendor is selling money doesn’t mean you have to fall for their sales pitch and make a purchase.
We are adults, not impressionable children, and we possess the power to control our impulses.
If you perceive lending money as a malevolent force, it’s time to cease blaming the world for your borrowing mishaps.
Take ownership of your financial decisions and forge a path of responsible fiscal behavior.
Can’t afford your current lifestyle? Stop fabricating excuses and start making changes.
Shake things up!
Consider relocating to Ecuador, embracing the nomadic life in Portland with nothing but a cozy sleeping bag, munching on more salads for financial and physical well-being, seeking employment that pays better, or even embarking on the entrepreneurial journey of starting your own business.
The possibilities are endless once you embrace the mantle of adulthood.
So, dear reader, remember: payday loans may parade themselves as swift solutions, but in reality, they often lead to precarious financial tightropes.
Seize control of your impulses, make intelligent choices, and navigate this financial circus with a dash of originality, a splash of insight, and a sprinkling of humor.
PS: The Answer? Payday loan companies DO NOT target borrowers who cannot pay back their loans!
Anyone who thinks otherwise is a fool! Borrowers must have a bank account – so payday lenders can fund your loan AND collect their money.
And borrowers must prove they have income so that payday loan companies can collect their loan principal and their fees!
Yours cleverly, thoughtfully, and inimitably, Bargain Payday Loan Provider.
Our Philosophy
“Like it or not, there is a market for credit in this country. Some of the people who purchase credit products – borrow – do so because of their limited means.
“Some people involved in public policy appear to wish that wasn’t the case. But policy cannot be based on aspiration. It must rest on evidence and fact. And the fact is that there is a market for credit products for people with incomes well below the national average. Some of those customers are in poverty. Some have characteristics of vulnerability. All have decided that they will borrow.
Again, some observers appear to wish this was not the case. Sometimes, parts of our political discourse have come close to suggesting that the answer to high-interest rates and controversial lending practices is to regulate out of existence all credit products for people on low incomes. And it would be nice to live in a world where people on low incomes didn’t need to borrow to make it to the end of the month. But until we reach that world, that borrowing will take place.
That being so, the priority for policymakers should be to make sure the market for credit products for people on low incomes works better for those people.”
Social Market Foundation