• PayDay Loans - Have a place in lending?

    I was asked to do a review of a payday loan site, http://www.powerpaydayloan.com, that only services the U.S.

    Payday Loan is described by the publisher as: A payday loan or cash advance is a small, short-term loan that is intended to bridge the borrower's cashflow gap between pay days.

    They wanted somebody to explain why somebody would want a faxless payday loan?!!

    Pay day loans do have a place in today's personal finance sector. It's not because I promote them, it's because people are using them. I am just stating a fact.

    There are some people who live pay cheque to pay cheque. They're either very disorganized, or they don't have any cash saved up whatsoever. They have bills to pay or creditors or collection agencies to pay off, and they want immediate relief from these short term problems.

    http://www.powerpaydayloan.com has articles and information about high interest rates that will be charged and other pertinent pieces of information. I still recommend that a person does a great deal of research when it comes to payday loans and their actual costs.

    If you need a cash advance and have done your home work with relationship to the costs and requirements, then this may be the site for you to shop at. ( U.S. Residents only)

    Yes, people are using payday loans. Honestly, they're not a healthy long term solution, however, they will help with very short term pain relief, but at a high cost.

    Disclaimer: I have no personal knowledge of the site owners of whom I am reviewing. I have visited their site, and it looks professionally done. I still urge you do to your due diligence before using this site and its pay day loan products.

    payday loan cash advance


 
Add Your Comments:
Fields with * are required
Your Comment Below:
 
Name*
 
Email*
 
Website
 
Code*
 
Enter Above Code
 
Note: Comments are moderated - Spam will be deleted
 
1 Comments
On Dec 17, 2009, Prince Of Thrift Said:
I disagree. Payday loans have no place in the marketplace/ They prey on those that are in need. Their fees amount to the same as 700% interest APR.

The biggest thing is to follow Congress' model to address such loans to military personnel. Pass state regulations to cap interest interest rates for all consumers at 36%. We have to protect ALL consumers, not just our military personnel. These loan places exacerbate not only soldiers' financial challenges but also that of the low to lower-middle class.

These places do not help anyone, instead they make matters worse, because not only do they still have their regular expenses that they struggle to pay, but they also have to repay the loan in 7-14 days. Because of this most these consumers end up, renewing the loan making their debt to these places larger.

It is a cycle that never ends and is hard to break. Capping the interest rates won't end this entirely, but will help protect the consumer, so that it will be easier to dig out.
Home Blog Discussion From Credit Cards
Canadian Secured Credit Cards - Major Canadian Banks British Columbia (BC), Alberta, Saskatchewan (Sask), Manitoba, Ontario (Ont), Quebec (PQ), Newfoundland (NFLD), Nova Scotia, New Brunswick, Prince Edward Island (P.E.I.)