We all know the so-called slogan of payday loan companies - if you need money until your next paycheck, we can help!  Or the infamous no credit, bad credit, we can help you lines; that are inviting to the down and out.  What goes on after a person steps through these doors are disheartening.  Before we experienced the worst recession since the Depression, people who needed short term loans looked to these companies as an easy fix.  The loan amounts start off small, at least $200.00 and you either pay it back in installments or your next paycheck.  In the beginning its easy enough, and you ignore the extreme percentage rates tacked on because its paid off.  But what about next time?  To be fair, its stated in these contracts that this option should not be looked upon as getting out of debt and if a customer has a serious financial problem, this will not fix it.  However, when it becomes blatantly noticeable that this customer is coming back too often, instead of denying him or her, the company just ups the dollar amount of the loan.

Granted, company employees are not paid to be financial advisors, but why get angry when a customer cannot make a payment on a loan he or she should not have been given in the first place.  Do not take in account valid excuses such as unexpected job loss, hospital stay, or disability, but concetrate on not making a payment on the chosen date.  The next day that employee is calling your home, place of employment, even driving around trying to locate you for your money.  I am not an advocate of skipping out on your monetary responsibilites, I just find it disturbing the methods these employees use to get their payments.  Some have even gone so far as to become down right threatening and accusatory.  But aren't they equally to blame for this situation as well?

What's even funnier is when some of these employees become customers at other payday loan offices, and they begin to dodge their collection calls.  Classic case of "the pot calling the kettle black".  Yes it is true that something is trying to be done about these "illegal" loan practices, but until then, these companies will continue to allow people to become more seroiusly in debt and more judgements will be presented in the court of law.  The next thing you know these businesses will offer no credit check or if you owe another loan, we can still qualify you, so come on in - wait a minute; that slogan already exists.

Signing,

itsonlymyopinion