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Recent study about the payday loans industry
The payday loans industry has recently been criticized in the media for a series of bad practices. It was argued they were praying upon people’s misfortunes and taking advantage of the poor. Moreover, through careful selection key statistics, numbers were shown to cause fear into the mass population to discourage them from using these types of services. Following this outbreak, two independent reports have been issued that have come to contradict many of these claims. Outlined below are the outcomes from these reports, summarized to provide hindsight into the cash advance industry.
The cash advance industry provides small, unguaranteed loans to individuals between paychecks. 52% of those using these services claim to need the money for emergencies on either their home or auto. The second biggest use of these loans is for medical expenses at 26%. Claims had previously been made stating these companies were financing uneducated shoppers into debt are just false. One cannot take a few isolated incidents as a generalized rule for a population. These loans are, for the most part, being used responsibly for unplanned expenses, necessary expenses. A second claim made within the media was accusing the payday loans of charging unnecessarily high interest rate. The APR on these loans is on average above 250%. If you are looking for a basis to compare, a regular credit card has a APR of around 40-60%. How can this be legal? Well think of it this way, if you burrow 100$, and the fee is 15$, that’s 15% in two weeks. If you don’t repay this 15% within a full year, what percentage does it become? Not shockingly though, an overwhelming majority of consumers who use the service (82%) qualify this rate as justified and reasonable. This stems from one’s consciousness that a payday loan is instant, does not require any credit check and have all the facts stated upfront. The cash advance industry ranks higher in user satisfactions (42%), then credit card companies (34%), large banks (28%), the petroleum industry (27%) and even the American senate (8%).
The second independent report attempted to uncover the reasoning behind the frivolous claims being reported by the media. In a nutshell, credit card companies. The very same people whose business is being disrupted by payday loans are financing a smear campaign to attempt to discredit their competitors. Large sums of money are currently being spent trying to convince the population not to switch to short term loans and stay hooked onto credit cards. How long does the average user carry over balance on his credit card? If you give someone a deadline to repay a loan in it’s entirety, studies have shown repayment rates to be much higher. Now, one must understand payday loans should not be a permanent fixe to financial problems, but doesn’t it make more sense to only take out a small loan when needed rather then carry over credit balance? Why should you have access to over $5000 that isn’t yours on a piece of plastic at all times?