Bad Credit Payday Loans: What About Your State?
Copyright © 2011 Andrew Scherer
There was a time not too long ago when pawnshops where really the only option when you were in need of a fast cash advance. The problem there though was that they required something of value that could be seized and resold. Even so, all too often pawnbrokers just didn’t want to lend enough money, so all things combined it led to the advent of online payday lenders.
Now off the top the first thing that makes online lenders the better option is that you’re treated more fairly. Yes they are going to charge you a slightly higher fee but they don’t want to seize any of your valuable property. This is why they make repayment so much easier, by simply withdrawing it out of your account. Pawnshops on the other hand don’t want you to make your loan payment.
So it may come as a surprise to you that the online cash advance option may not even be available in your state. In fact roughly half the states in the US don’t even have payday lenders in them, either locally or online. Now some are banned outright while other states have enacted laws that make it “unprofitable” for small lenders to operate in them. So then just who are they protecting anyway?
Now the politicians would like to have you believe that they’re protecting you the “poor and vulnerable” public who is incapable of making your own decisions. But if this is so, why have they allowed banks to continue on with their predatory practices that have led to some states having 20% of their homes foreclosed on and sitting empty? So, are you really their constituents that they’re looking out for?
All you have to do is look below the surface to see that there are plenty of local businesses that are more than glad to see the Internet option banned from the scene. Take for instance your local pawnbroker, who for decades had the market literally cornered, and by doing so was able to offer deals that were far worse than a payday lender is able to offer you.
Then of course you have your credit card companies that make huge amounts of money off of their late fees. Now they don’t like you having ready access to a short term loan for sure. Then you have your check cashing services that rely on you not having a bank account. Something that your online lender encourages you to get. So just who are your politicians protecting here anyway?
Learn more about FL payday loans. Stop by Susan Story’s site where you can find out all about payday loans online.