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March 03, 2009

Payday loans

I do get angry when people say that payday loans shouldn't exist. What we're actually talking about is people who need money and need it now.  No, not tomorrow, or next week, after the loan officer at the bank has had time to consider. You know, now. The kids need feeding say. The car needs gas to get to work to keep that job. That sort of need money right now.

This isn't a service that banks offer.....and if payday loansdidn't exist then those who need that money, right now right here, would be going to loan sharks instead.

Me, I'm all in favour of this part of the financial system. I've used it myself in tough times: yes, I know I'm fortunate that my tough times have been rare but when you're entirely out of money, the ability to raise $50, $100, $200, on the strength of your next pay check (rather than offering your kneecaps as security) is a saving grace.

March 3, 2009 in Finance | Permalink

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Comments

I couldn't agree more. Well if they are billionaires then certainly they don't need to avail payday loans then.

Posted by: Carol Lee | Feb 16, 2013 4:35:55 AM

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