Quite frankly, I’m just sick and tired of what big banks and financial institutions are doing to the short-term loan industry, and this is my response to them. I’m going to explain why short-term loans aren’t a scam — regardless of what is politically correct to say.
When I talk about short-term loans, I’m talking about the cash advances that you see advertised on billboards and TV. The loans where you get an advance on your next payday. That’s what I mean when I say “short term loan.”
Of course, these are the loans that the media and pop culture love to make fun of and take on and attack. I think they’re wrong, even though it’s politically incorrect for me to say so. I think it’s wrong to attack these loans mostly because they’re often perfect for some people in some situations.
Call Me A Conspiracy Theorist…
One of the biggest “paranoid” beliefs I have is that big finance is somewhere behind the attacks on short term payday loans. I mean, they’re the biggest competition against the small lenders, so it only makes sense that they would help prod the attacks on.
Credit Cards Fail
Credit cards are one of the biggest financial dangers facing anyone. It’s easy to hate short term loans because of the cheesy commercials, but credit cards are even worse. They can be used anytime — which makes them easier to slip into debt with. Credit companies hate short term loan companies for obvious competition reasons.
Short-Term Loans Vs. Losing AC
If a lady is pregant during the summer, it is a good idea that she get a short-term loan to make sure the air conditioning doesn’t go off. Of course it’s more expensive — that doesn’t mean it’s not worth it.
Like a Hotel
One of the most common arguments against short term loans is that payday loans cost several thousands in percentage points per year. That doesn’t make sense, because hotels would be the same way. Sure, they’re expensive over the long term… that’s why they’re called short term loans.
Final Points and Concluding Thoughts
I like short term loans and payday loans because they’re better than losing the power and electricity or even the AC. Getting one depends on your situation, regardless of what the big corporations might say.
So in conclusion: just objectively analyze your situation before deciding to accept or reject a short term loan.
Tags: business, cash advances, Credit, debt, fast cash, Finance, lending, lifestyle, Loans, Payday loans, short term loans