Avoid Payday Lenders & Their High-Interest Rates
Avoid Payday Lenders – A lot of people want to come up with a strategy for payday loans, but cannot. Many of you get overwhelmed with the idea of paying back a loan that you wanted to avoid in the first place.
Is There A Flip Side To The Payday Loan Crisis?A lot of people are suffering right now, including small businesses. You are not the only ones taking out payday loans to make ends meet. Small businesses are taking payday loans out too. The pain is being felt everywhere. Now, to make matter worse, lenders are starting to play the victim card concerning payday loans and the way they are treated.
The Payday Loans Crisis On The Business Side For The LenderThe economy is crashing right now in some respects. That means that fewer people are walking through the door. That means small businesses have less profit to keep their business afloat, even for lenders. Word has spread that at least one payday loan lender is suing for compensation. An Explanation For You There is a loan-forgiveness program that charges 1% so that companies, like yours, can get back on their feet, and have everything forgiven. That works out well for a lot of small businesses and you. However, this one lender is asserting that they are being unfairly represented with this loan forgiveness program. Many of you are probably shaking your head in shock and horror. After all, the lenders are the ones who are scamming innocent consumers with their high rates and inability to take your best interests at heart(that is one argument for the payday loans issue).
The $659 Billion OfferThat is what the small business loan forgiveness program is worth right now. The program has already awarded more than $500 Billion to help out small businesses with the payday loans issue.
The Payday Money Centers and The Arguments HeardThe Payday Money Centers, according to one executive, could go belly up very soon due to lack of financing. One executive has started to equate his employees to the ones down the street at the local dry cleaners. Now, for many of you, that is going to sound like an absurd comparison, but since when have lenders been fair in their treatment to their customers (another argument made for the situation). A lot of advocates have been very vocal in their non-support for the predatory lenders during the payday loans crisis.
“They want equal or better treatment than the average consumer that comes through the door. They feel they have entitled to this or something. What they fail to realize(or do not care to notice)is their behavior is one of the reasons why we are in this mess. Most of you would not be in this current state of affairs if the predatory lenders were more sympathetic to their customers. They want it both ways and that does not work”.Some advocates go one step further and argue that most lenders are in no position to want better treatment concerning their payday loans and the practices.
“They are free to do whatever they want in this country without many billable hours coming from the legal profession. There’s mere idea that these lenders want fair treatment is beyond reprehensible. Most taxpayers are not going to like the idea of paying that bill”?Payday Loans and the Great Lengths Payday Lenders Go To Protect Their Interests Many of you might not know that recently the Consumer Financial Protection Bureau started rolling back some of the Obama-era rules that protect the consumer. Some lenders even argue that you are aware of this and still apply for payday loans. What else are you going to do if you are caught between a rock and a hard place? Payday loans(as one-sided as they are) do help you out when you have nowhere else to turn. That is part of the problem too; The payday loan lenders know you have nowhere else to turn and still take advantage anyway. You would think that, given this information, they would be more willing to work with you. They would be more willing to place your best interests above theirs. We do not live in that world though. Your inability to pay your payday loans back gives them more fuel to the fire. According to people who work with Small Business Administration, most of the lender’s complaining has fallen on deaf ears.