Personally I have no problem with payday loans and I will tell you why I think they are not only worth it to many people but why I agree with the high risk that goes with them. If you need are looking into getting a payday loan or have in the past than you understand the need for instant finances, whether you have them or not. We all make the choice where we put our money and if the best option is the payday loan companies than you should be fully aware of what you are doing when you receive your cash advance. If people are okay with paying high interest rates and possible rolling the loan over that is their choice. It is up to the individual how to spend their money, but I agree the small print could at least be in 12pt font.
Payday loan companies are geared towards individuals who need money now, no matter what the cost is or the consequence they are looking to achieve cash as quick as possible. Payday loans are great for the one time short financial cushion if you have the means to pay it back in time. Some people find themselves in a situation where they need " X" amount of dollars but cannot get the cash fast enough. If the service is used correctly it can help individuals who need a little bit of cash fast. If you understand the consequences of the loan if not paid off in time and can afford to pay it off quickly and factor in the high interest rate than all power to you.
The American financial institution is set up to reward the consumers that make payments on time, pay all of their bills, and are financially responsible. However, if you are missing payments and your bank account has as much meaning as the Matrix Trilogies then you deserve what you get. Payday loans do not check your history as much as a conventional loan company would therefore they are taking a very high risk with you. If they are taking on high risk clients they will have high risk dynamics installed to help keep them in business. Don't forget that there are a lot of payday loan scams out there as well so be smart about where you are getting money from and the company is reputable.
Companies need to be clear about the charges and laws should be implemented and followed in all states to help control the consumer from accruing a ridiculous amount of debt. However, a child cannot walk into a payday loans office and walk out with $500, but an adult can. It is your choice on how to use your money and what financial sacrifices you need to make in your life. For some people the payday loan industry has been helpful, but for those who use it unwisely and do not do any research than tough luck.
Understand where you money goes and how to make it work for you. If you need help than look into community classes at local colleges or adult centers that can help you get into control of your finances. Be smart with your money, a good credit score is important, especially if you find yourself in a situation where you need cash fast. Negotiate with creditors, try to get on a payment plan, there are many things you can do if payday loan is not a good choice for you. Be an adult about your money and where it is going. Even if the small print is minute get a magnifying glass and read it.