11:01 01 May 2013
There is a very strong argument that today’s payday loans are modernized versions of loan sharks, just more stealth with the help of the internet. The concept of having funds available for any reason at the end of the phone call or internet connection is extremely tempting. With the recent financial turmoil, these alternative sources have operated with minimal regulations until now.
One of the biggest concerns with individuals and payday loans is whether the borrower can afford the full package of the loan. Seeing the loan amount in large, bold print is one thing but the actual terms and conditions for the loan package remains in regular type and print, making it easier to be overlooked. Borrower need to differentiate between something truly “needed” or that is simply “wanted.”
Payday loans, as stated in their ads, are truly temporary fixes and not long term solutions. Having more than one can not only put you in a more tenuous situation, it may also be illegal.
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