So just today I was going about my normal business that took me to the bank to cash a check. I sat in the drive through and waited to get my receipt. The gal helping me was taking a long time.
She finally turned the speaker on and said that she has never seen a check like the one I just brought her so her supervisor wanted to put a 90 day business hold on the check. This was a $200 check. That is a good chunk of my budget that I really needed to pay bills with.
I told the clerk that I have cashed checks here just like that many times before. They would not bend on their decision so I just told them to send the check back to me. I am not sure why they decided not to cash my check this time and I was beyond aggravated.
I realized as I was driving home that I there was a nice, big, popular payday lender on the corner near my home. I decided to give it a try.
They were more than happy to cash the check, which my bank of 10 years would not. I paid a small fee and was on my way.
Check cashing services make sense in the way that people, who don’t have bank accounts, can still receive money from jobs or birthdays and cash those checks.
But on the flip side, the payday loan services that these lenders offer is even more valuable to people who cannot qualify for normal bank loans. Not everyone who has less than perfect credit is irresponsible.
Granted, there are people like my little brother who have made their financial bed and are now regretting having to lie in it. But people have all kinds of reasons to have bad credit; we aren’t here to discuss that.
So we’ve covered that payday loans help people with no or bad credit. They are also useful for people who just need money fast. There was a lady I spoke to the other day, who ran across the street from the mechanic her car had just been towed to, to get a payday loan to pay for the job. She had the money in hand right there and was desperate to get back into her car so she could get home and still had a way to get to work.
There are medical necessities that come up and even some health care providers demand money upfront before services are rendered. Most of us have health insurance, but lots don’t. If you are of a natural or homeopathic type person you will have realized that those treatments that are considered non traditional, are not covered by most insurance plans.
Have you ever had your paydays fall on an odd day and realize that you have missed a credit card payment? Payday loans are perfect for that situation. You will pay more in fees for your late payment, than you will from fees with your payday loan.
So, as you can see, there are many reasons to avail a payday fast cash loan. It really doesn’t matter what your reason is, because the lender never asks you. You don’t have to pull together all kinds of financial information to report to a payday lender. You don’t have to explain yourself to your lender about what you need the money for.
The main thing you need to remember is to think about payday loans as urgent, short-term loans. They are short-term for a reason. The payday loan industry doesn’t abide by the same laws that banks do, so there are some differences. The interest rates are a little higher with payday loans but you don’t pay much if you pay your loan back when you are supposed to.
There are arguments that payday loans are a rip off because of said interest rates. Well, when you compare the rates from payday lenders to banks as typical APR’s, they don’t add up and it seems astronomical. But that is because the comparison is over the long term. And yes, there are people who take payday loans out for longer than they mean to and they are paying for it dearly. That is why these loans come down to borrower accountability.