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The Purpose Of Payday Loans Essay

741 words - 3 pages

Payday loans were created with the intention to assist people in times of financial need, for the short-term, with the promise to be repaid by the next working paycheck. In addition, payday loan companies such as Cash Connection even helped struggling people who didn’t use banks as a way to increase access to their services, in effort to convince nearly every type of person that they could benefit by pulling out a short term loan. This was a beneficial, ethical approach because during 1995 to 2003, banking overdraft fees nearly doubled and banks refused to serve individuals who sought payday loans, making payday loan companies the optimal choice for short term financial services. ...view middle of the document...

As life takes its toll, it is commonly known that the typical person experiences unexpected events on a daily, weekly, or at least monthly basis that tend to lead to some sort of financial inconvenience. Payday loans such as Cash Connection are available to help these people in need, but if the unexpected event proves to be too costly, the person who received the loan will be unable to pay it back and therefore be penalized even harder for failing to come up with the payment. Those who refused to solely rely on rollover loans were forced to take out a new loan, that could easily skyrocket in payback value due to the short terms and high fees within the program. Once credit unions and credit cards emerged onto the scene in the early 2000’s, the payday loan industry became heavily jeopardized because these new organizations capitalized on the negative aspects and enhanced them. Credit cards were an appealing option which allowed customers to use nearly as much money as they desired and charged the lowest late fee out of all money loaning institutions, making it look like the optimal option within the array of services. Plus, over half of customers with banking accounts had overdraft protection which prevented them from...

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