I am William T. Polen
Buyer Beware of Payday Loans
If there was ever a case of buyer beware, payday loans seems to be it. It appears the minute you provide your bank account information, you’re ripe for all type of financial mayhem.
Plus, what happens is that many people realize they’re in no better financial shape when the loan becomes due than they were the first time they borrowed the money. Because of this, they can get caught up in an awful cycle of constantly borrowing and extending payday loans. This quickly becomes a type of expensive financial quicksand.
In fact, the payday loan company counts on, and maybe even subtly encourages rollovers. They know that most people will not have the funds to pay back the loan along with the finance charges when they’re due. As a result, the borrower will be forced into another extension with additional fees and on and on and on.
As a result, any consumer considering this type of loan really needs to do research about the payday loan company prior to giving their financial information to one of these firms. There are some decent payday loan companies out there. But they can be tough to ferret out from the ones who use any of these six unsavory business practices.