Payday Loan Pros & Cons-

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High Rate Loans - Pros and Cons
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REASON FOR PAY DAY POPULARITY-
Here are the reasons As a business model,
it is proven to be resilient and profitable.
Diverse portfolio, small exposure, short term
nature of the loan and catering to a sector few
traditional lenders touch. With Americans'
incomes not keeping pace with inflation, and
increasing illegal immigration, there is growing
need for Payday type loans as more and more
people live from paycheck to paycheck.
While there is State level regulation on Payday
practices, this form of lending is highly
unregulated and as yet unchecked in any real form
by Federal government. And State supervision is
spotty. So no wonder new Payday type lenders are
cropping up all over. Because of small
loans and not much oversight, entry barriers are
low.
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• PROS AND CONS-
• Pros-
• Easy terms, no collateral
• Negative credit history is not an obstacle
• Very local
• Caters to a segment of population which has no
  other alternatives to cover their expenditures or
  budgets
• Cons
• Very high rates of interest (although many States
  have Usury laws, so Payday lenders skirt it by
  calling these "fees" or "service charges"
• Addictive. Since money is easily available, there
  is less incentive to save and forgo certain
  expenditures
• Does not improve borrower's credit
  history--whereas getting credit from a
  traditional source, even a store, and paying it
  down regularly will actually improve your credit
  rating and open up other doors to borrowing.

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