mortagesandforeclosures

by Ric Norton

Its not uncommon in the current financial climate for individuals to be drawn to the multitude of easy credit options available when their financial situation takes a turn for the worse. In recent years a particularly handy product known as the payday loan has been increasing in popularity as they have become even more easily available online, but why does the media take a particularly harsh stance with regard to this type of loan?

UK Payday loans offer short-term credit for people who find they are running short of cash before they can get their hands on their next paycheck. The application process is completed online and there is no need to leave the comfort of your armchair or send personal documents to the lender. The whole process takes only a few minutes of your time as you simply fill in the required details and wait for approval.

The lenders whose job it is to try and sell these loans to the public understandably proclaim them as the only answer to your all your money concerns. However the Payday industry has become a target for many in the media who convey the image of an industry which prays on the poor and helpless of society. So do they have a point? Do Payday Advance loans really add to the financial misery of the people who use them or do they have a genuine use?

What are the media's main concerns?

Every article that appears in the newspapers seems to paint only the negative aspects of the Payday Loans industry. The major problems which seem to concern them are:

1. Payday Loans incur an unreasonably high interest rate.

2. They encourage people to believe that credit should be available on tap whenever we want it.

3. Its possible to get into an increasingly dire debt situation if you can't control your use of payday loans.

Is there truth in the media's argument?

Take a step back and look at the reality of the payday loan and it becomes obvious that the media makes some good points regarding their use. Anyone thinking about using payday loans should seriously consider both the positives and negatives of the potential situation they could find themselves in with their use. Remember that payday loans should be treated with respect like all other forms of credit and are only useful for people who use them properly.

Any time you get into an emergency situation with a genuine need for a reasonable amount of cash then the UK payday loan might be the only option available to you. If you have a medical emergency, car troubles or if you've forgotten your best friends birthday the payday loan could come in really handy.

Should you use a Payday Loan?

The first thing you should ask yourself before taking out a payday loan is how financially astute you are. Payday loans are inherently more dangerous than the regular credit products available from the high street bank because of the high interest charged and the fact that they are so easy to obtain. Even if you decide you are resposible enough to make good use of payday loans make sure you keep them for the times you really have nowhere else to turn for help.

The biggest reason why payday loans get such a bad rap is because of the lenders who sell them to all takers including individuals who it is obvious are going to get in trouble. Payday loans have their uses and need to be accessible for those who want them, it is after all up to the individual in a free society how they manage their finances.

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