Alternatives to payday loans

By Shawn Lee Martin


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Payday loan companies are fighting tooth and nail to curb more regulations.

Banks and credit unions are looking at alternatives to payday loans.
Payday loan companies say if regulated to the same standards as regular banks and savings and loan companies, they will be driven out of business.

Considering the amount of money these companies make on interest alone, one has to take that statement with a grain of sand.

In reality they do not want to loose the enormous amount of profits they make off the backs of underbanked customers.

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 Underbanked


There are more and more people in the country that are falling into the underbanked category

These are people who do not qualify for a regular loan and most end up becoming payday loan customers.

Most banking institutions realize that despite the payday loan lobbyists efforts they will loose the regulation battle, and these banks are seeing a huge opportunity to serve these underbanked customers.

Compare the numbers


By the numbers!
By the numbers!

Some loans being introduced by credit unions are at 18% interest and let the customer pay the loan off in a month or up to a year, whichever works best for the customer.

A yearly loan of $500 at 18% if paid off using the full your would be a total of $590.00

A two-week online payday loan of $500.00 if paid off on time will cost the customer a minimum of $650.00

If the customer were to roll this payday loan over for the whole year, his total payback would be $4400.00

With this comparison, one can see why the payday loan companies want to be left alone by regulators.

Summary


We here at Help payday Loan Debt highly recommend anyone looking for quick cash visit your bank or credit union first before doing business with payday loan companies.

Many are offering alternatives to payday loans and all one needs to do is shop around to find the best deals.

Some are even offering this service online.

We hope this helps you in your quest for available cash at a reasonable price!

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