This post is pretty different than most other articles and posts related to business and finance, because I'm going to get a little personal. On a personal level, I can't stand what big finance and lobbyists are doing to the short term loan industry, and this is my response to them.
When I talk about short-term loans, I'm talking about the cash advances that you see advertised on billboards and TV. The loans where you get an advance on your next payday. That's what I mean when I say "short term loan."
Of course, these are the loans that the media and pop culture love to make fun of and take on and attack. I think they're wrong, even though it's politically incorrect for me to say so. I think it's wrong to attack these loans mostly because they're often perfect for some people in some situations.
Before We Start
One of the biggest "paranoid" beliefs I have is that big finance is somewhere behind the attacks on short term payday loans. I mean, they're the biggest competition against the small lenders, so it only makes sense that they would help prod the attacks on.
Credit Cards Fail
Credit cards are one of the biggest financial dangers facing anyone. It's easy to hate short term loans because of the cheesy commercials, but credit cards are even worse. They can be used anytime -- which makes them easier to slip into debt with. Credit companies hate short term loan companies for obvious competition reasons.
Don't Lose Your Lights
If a lady is pregant during the summer, it is a good idea that she get a short-term loan to make sure the air conditioning doesn't go off. Of course it's more expensive -- that doesn't mean it's not worth it.
What About Hotels?
A ton of people make the argument that payday loans costs thousands of percentage points per year. This is simlpy absurd. That's like saying that hotels cost almost "$40,000" per year. They do -- but that's not the point. They're for short-term use, just like payday loans.
Final Points and Concluding Thoughts
Payday loans are one of the best ways to keep the lights on, and are better than credit cards, and are often justified. They shouldn't be banned and big finance is wrong.
This makes the entire cash advance discussion make a lot more sense.
When I talk about short-term loans, I'm talking about the cash advances that you see advertised on billboards and TV. The loans where you get an advance on your next payday. That's what I mean when I say "short term loan."
Of course, these are the loans that the media and pop culture love to make fun of and take on and attack. I think they're wrong, even though it's politically incorrect for me to say so. I think it's wrong to attack these loans mostly because they're often perfect for some people in some situations.
Before We Start
One of the biggest "paranoid" beliefs I have is that big finance is somewhere behind the attacks on short term payday loans. I mean, they're the biggest competition against the small lenders, so it only makes sense that they would help prod the attacks on.
Credit Cards Fail
Credit cards are one of the biggest financial dangers facing anyone. It's easy to hate short term loans because of the cheesy commercials, but credit cards are even worse. They can be used anytime -- which makes them easier to slip into debt with. Credit companies hate short term loan companies for obvious competition reasons.
Don't Lose Your Lights
If a lady is pregant during the summer, it is a good idea that she get a short-term loan to make sure the air conditioning doesn't go off. Of course it's more expensive -- that doesn't mean it's not worth it.
What About Hotels?
A ton of people make the argument that payday loans costs thousands of percentage points per year. This is simlpy absurd. That's like saying that hotels cost almost "$40,000" per year. They do -- but that's not the point. They're for short-term use, just like payday loans.
Final Points and Concluding Thoughts
Payday loans are one of the best ways to keep the lights on, and are better than credit cards, and are often justified. They shouldn't be banned and big finance is wrong.
This makes the entire cash advance discussion make a lot more sense.
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