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Why Do the Banks Hate the PayDay Loan Institutions?

from: Posting in a forum posted at Payday Loan Today with very unhappy bank teller [name withheld].

"I used to work at a payday loan joint. Not the best job I ever had, for sure, but it was a real eye-opener. And, I worked this job right after I worked as a bank teller for a few months!! Everyone should know that the payday loan industry really doesn't do anything that banks haven't already done, or aren't currently doing. In fact, the payday loan industries' entire business model was built on the banking/loan system - specifically the "returned check fee" process. And this is the real reason that banks hate them because they ultimately cut into THE BOTTOM LINE. THE BANKS ABSOLUTELY HATE SEEING MONEY LEAVE THEIR HANDS. A payday loan can be an open option for those that know ahead of time that they are going to have to bounce a check... JUST USE CAUTION. Now, let's do a little comparison:

BANK:
-pays its ever-decreasing # of employees utter crap while demanding A LOT of work from them
-makes "free" checking seem like a dream come true, when in reality the goal is to be able to turn a profit off of a select few that will bounce and later pay up (30 bucks on the bank side, and X$ on the retailer's side)
-hopes that a "free" account will induce the user to apply for a LOAN, where the real $ will come pouring in
-pretends that loans are a great thing and that you can't live w/out them - HELL, EVERYONE'S DOING IT
-hires a really nasty collection agency to do the dirty work when it needs to be done
-hides behind a facade of "institutionalism" when in fact they are the epitome of the capitalist, corporate, market-hording system

PAYDAY LOAN JOINT:
-does its own work similar to a banking institution
-doesn't hide behind any glamour...in fact, pretty much understands that this is a person's last resort so they don't make any bones about it
-also pays its employees total crap...but, at least where I worked, much wasn't expected of you (either approve or deny the person and give 'em the money...if they don't come back call them)
-at least where I worked, there were no hidden fees or interest charges, or any sort of premiums... everything was posted right there on the wall for you to look at - cut and dry

Posting in forum from the anonymous bank teller continues:

"Well, if I had to make a call here I'd say that the Payday Loan and banning institutions are really two peas in a pod. In fact, it won't be long before some genius in a bank board room decides to strike out on his/her own and open up a bank and payday loan place all rolled into one. You didn't hear that from me though."

The payday loan industry's Consumer Credit Research Foundation says surveys show 5 percent of Americans have had a payday loan and 10 percent say they are somewhat or very likely to obtain one in the future. For those 10% or more interested Payday Loan please refer to the following information provided by Payday Loan Today:

Apply for short-term loan from $150 to $500. Receive a no fee loan up to $200.00 for 30 days. Another added benefit Payday Loan Today offers is they claim to be the only Payday Loan Company that works closely with their customers after 6 months to pay back the principal of their loan in order to reduce their customer's fee structure to almost nothing.

Once the loan request has been processed the money will be posted to your account the same or next business day. A few short easy prompts and your done!

About Author

Mark Travis writes articles for Payday Loan companies such as PaydayLoanToday.com. Visit PaydayLoanToday.com for all your online payday loans and Cash Advance needs.

Source: ArticleTrader.com

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A payday loan is a small unsecured loan, usually for $50 to $1,500, which is designed to meet your financial needs until your next payday. Essentially, you are making out a check for the advanced loan amount, plus a fee, to be held until your next payday, whenever that would be. Whether to get presents or pay a bill.