Louise Green is a freelance writer and researcher. Because of consumer need and demand to find low cost solutions to life
situations, Louise has put together a fact filled site about smart borrowing. www.yourpaydayloans.org focuses on guiding
people on how to seek out institutions that maintain their integrity and are above reproach. The site is no fluff and packed with
information for the consumer to make informed choices on this subject.
In another article I wrote, I researched information about payday loans; the benefits of getting one and some of the pitfalls too.
Basically a payday loan is a quick cash advance that a full time employed person can apply for when expenses excede
your monthly salary. Since that happens to alot of people, these types of loans can be helpful in a pinch. There are lending
establishments you can go to, though applying online is faster, so is the price comparison process.
As with any larger purchase or lending procedure, the consumer needs to get as much information as possible to make a
savvy choice that won`t cause them to get into an even worse situation. Payday loans like credit card cash advances come
with hefty fees, which is why I also recommend shopping for the best rates with a reputable company. Something also to be
considered are alternatives to these payday loans such as working out payment plans with creditors, credit union loans (if
you belong to one), or emergency assistance programs that provide help with heating or cooling costs for low income families.
But what happens to the unwary borrower when there are less than reputable lenders setting up shop in local areas? In some
urban areas there are more pawn shops and payday loan establishments than fast food restaurants. What has been observed is
that there is a seedy side to this type of lending that tends to prey on low income people and minorities. The lenders charge very
high fees for these loans too, making them difficult to pay back. A $300 payday loan might end up costing a borrower $700
when all is said and done. This type of leeching usually turns the one time user of the system into chronic borrowers who end up
continuing to pay ridiculous interest rates. What is of interest to note is that payday lenders are exempt from usury laws which
places a limit on annualized interest rates. You wouldn`t dream of applying for or even using a credit card with an annual rate
of 35%. I certainly wouldn`t! Yet some of these lenders charge what would add up to an annual rate of over 400%. These types
of lending outlets tend to be tightly bunched together in lower income areas and way out number conventional lending institutions
and banks where people would receive a fair deal and the competitive current interest rate on a short term loan. The disturbing
thing about the lenders lacking integrity is that they do target lower income people who may already be in a cycle of dept and
struggling to make ends meet. Specifically targeted are African Americans, Hispanics, and single working mothers.
Consumer affairs groups, local councilmen, and minority leaders and representatives have addressed the issue of predatory
lending in an attempt to put a stop to these unethical lending practices. Eugene DeWitt, political action chairman of the
NAACP`s D.C. branch has said "They prey on the weak and those who believe that have no other options. If they don`t want
to play ball, we should put them out of business." He also urged that there be a cap set on the interest rate they are allowed
to charge for their loans. It`s no surprise that Senior Advisors of the Community Financial Services of America which represents
most of the 20,000 payday loan firms in the U.S., expressed that imposing a rate cap of around 24% would drive many out
of business. What does that say about these lenders? I think it goes beyond greed and predatory lending and borders on
financial vampirism. This is an industry that is well aware of their target demographic and then sets up shop where they are
in close proximity to those areas. Fortunately, this situation has caught the attention of many state representatives as well as
community leaders who are in a position to craft legislation to curtail predatory lending practices aimed at minorities. It is my
hope that everyone have access to relevant information about borrowing so that they can get a loan they qualify for and can
handle, with terms that are standard to honorable lending institutions. A link to more specific information is provided in the
bio box.
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Payday Loans No Credit, Meet your needs
By: Cyrus Haden | 27/11/2009No credit check payday loans are short term loans. Are obtained specifically for borrowers with credit problems. You can make under the credit line and offline. In this processing online is preferred.
No checking account payday loans: Fetch funds before payday
By: Richman Vincent | 27/11/2009No checking account payday loans is a feasible fiscal solution available for those who are in urgent need of cash for coping with their urgent financial expenses on time. These loans do not involve any credit check and other hectic formalities, which have turned their approval faster.
Payday Loans No Faxing-Hassle free money without paperwork
By: Andrea Fletcher | 27/11/2009You need immediate cash assistance because urgent expenses can’t be delayed. To sort out your financial problems, payday loans no faxing is the suitable source of finance for you which are completely devoid of faxing hassles. So, if you are in the situation in which unexpected expenses are on your head and you are empty handed, rely upon this loan for immediate cash support.
Payday Loans Instant Approval- Quick Financial Aid Till Payday
By: roben dacon | 27/11/2009One short term but quick financial aid is the payday loans instant approval. These loans may be acquired by the borrowers for fulfilling all of their needs till their payday. They may solve all of their problems till that time without any hurdle.
Payday Bridge: Arching your financial prospects
By: Alfie Harry | 27/11/2009Payday Bridge is one of the most reliable sources of income. It grants small chunk of cash to the people who might be in need of money in order to help them to get rid of existing debts.
An Assistance for the Amassing of the Debts
By: Gracy Bonsu | 27/11/2009Getting away from the burdened debts without facing any kind of hurdle is like a remedy for those people who have been badly affected by the current economic instability. Therefore, in order to avail this facility a borrower is required to go for the debt consolidation help UK-based solutions first and then move on with the debt consolidation loan.
Unsecured Tenant Loans: A class of loans emerging as a boon for tenants !
By: Gracy Bonsu | 27/11/2009Today's changing time have contributed in the advancement of the thought process that each one of us carry. Whether you own a house in UK or simply live on rent, it hardly makes any difference to the situation when it comes to availing a loan.
Debit Card Loans No Faxing- Fewer Formalities Easy Loans
By: Kelvin LOPEZ | 27/11/2009Debit card loans no faxing are the short term loan that is made available to the borrower against their debit card. These loans are easily available on the internet. These loans are specially designed for the people running on bad credits.
Cloak Your Valuables and Safeguard Your Family
By: Louise Green | 07/04/2008 | Home SecurityThis article presents the newest and most clever technological products that are geared toward protecting our belongings, our homes, and ourselves allowing us to have peace of mind.
The Mystique of the Bonsai
By: Louise Green | 01/04/2008 | GardeningThis article delves into the exotic and historic world of bonsai trees and their cultivation. The fascinating origin of this botanical art form has caught on world wide and its appeal is talked about in this forum.
Rapunzel`s Locks
By: Louise Green | 01/04/2008 | Hair LossThis article deals with the varying causes of hair loss that affect women. Even though this is kind of a hush hush and sensitive topic, presented here is the comfort of knowing about the proactive steps to regaining the hair re-growth that we want.
Payday Loans, Begin With the Facts
By: Louise Green | 09/03/2008 | LoansThis article deals with some of the pros and cons of this type of borrowing. Presented are other types of short term lending processes and how to make the best choice and to get the lowest rate
Economic Payday Loans
By: Louise Green | 09/03/2008 | LoansThis article provides insight for the consumer regarding short term borrowing. The emphasis is on how to get the best rate possible and how to make an informed choice in this process.
Silky Hair Free Face
By: Louise Green | 09/03/2008 | Skin CareThis article deals with a subject that effects many women and some men too, but very few people talk about it: unwanted hair. The emphasis is on an effective and proactive approach to permanently remove this situation.
Divorce (and Other Legal) Documents Online
By: Louise Green | 09/03/2008 | DivorceThis article addresses the excessive costs of hiring a lawyer to handle procedures such as divorce, wills, estate planning, and general legal information. The goal is to minimize not just the expense, but also to simplify these procedures and inform people of their best options.