Despite the fact that the payday loan industry is skyrocketing and spreading like wildfire across the world and online, critics abound on the controversial issue of payday loans, touting the high interest rates and warning those "susceptible" to responding to the sweet-sounding benefits of payday loans to stay away.
These particular critics often claim that payday loan lenders and cash advance stores actually target certain groups of people in order to keep their business not only surviving but thriving. These "targeted" groups include the young, the financially inexperienced, irresponsible or immature, the poor and those from low-income areas, military personnel, consumers very deep in debts and those who have a noted history of using other high-risk or quick-cash lenders.
Younger potential customers can be targeted because as a group they generally aren't as knowledgeable about finan ces, loans, borrowing money and interest rates as older consumers and may not consider the risks of using a payday loan. Poor people or low-income families, or those barely living paycheck to paycheck, can be targeted because they may not have other options when hit with an unexpected expense or financial emergency.
People who work in the military are also said to be targeted by payday loan lenders because of their young age, their financial inexperience, their lower incomes mixed with family obligations and mostly because they have fixed incomes from the government assuring payday loan lenders of a reliable source of repayment. Further, consumers who have high debts can be seen as "prey" because they are usually in need of additional cash for a multitude of reasons, and often incur more debt to pay off old debt.
Anti-payday loan advocates will warn any and everybody against using payday loans, but will especially focus on these groups of people to stay away from payday loans. However, whether or not the young, the poor, the deep-in-debt, and those employed in the military are truly targeted by payday lenders, the fact remains that sometimes these people need payday loans for a time--such as to get through a financial crisis.
Furthermore, while it's possible that sometimes payday loans are used as a "last resort" by consumers in these situations, at other times they are even considered and sought after first because of their many benefits--and payday loans have plenty of benefits. The application process is quick, easy and uncomplicated; approval is quick; the funds are usually deposited into your account within 24 hours; there are no credit checks; and they're secure and very convenient. Payday loans might just be the short-term fix you're looking for.
Certainly payday loans can accumulate astronomically high interest rates if you're not careful. Yes, they can even push people already teetering on the edge of high debt into the canyon of financial hell. But payday loans do and will continue to fill a great need in society, and if they're used with caution and appropriately, they can be the right solution if you're stuck in a sudden financial hole--whether you're in the military, young, poor, deep in debt or not.
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