Do you think payday loans are predators?

Lots of people believe payday loans are just predators waiting to lend cash to needy people , but let me tell you one thing , payday loans are simply there to help . If it wasn’t for payday loans these past years would have seen even more foreclosures and even more losses in jobs. Payday loans aren’t what I consider a predatory lender and neither should you.

Since payday loans are fast cash loans it’s easy to consider them as predatory loans but they’re far from it. A predator is someone that preys on the weak trying to get something of value, but a payday loan is the one giving the thing of value away, so if anything a payday loan is the weak one and the one getting the money is the predator. The toughest part about payday loans is that they have gotten a terrible reputation in the last 5 years because people thought they knew all about them when in reality they did not .

Let me ask you a question, do you think personal loans are predatory lending? I believe a personal loan is most likely to be considered predatory lending because after you sign for the loan you’re on the hook until it’s paid off .  For most people a personal loan won’t be paid in full for a few years, so while you keep making those monthly payments the lender is going to prey on you since you are at their mercy.

There’s one thing I would like you to remember about payday loans that lots of individuals usually forget, payday loans are there in case of an emergency and should only be utilized on things you must have. Clothes and entertainment doesn’t count as an emergency and therefore shouldn’t be what you spend payday loan money on. Remember to ask yourself one question before you buy something “ Could I live without this for at least 1 week”?