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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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Bills coming in? Get up to $500 NOW!! We provide short term cash loans when you need them the most. Approval takes only minutes and funds will be available the very next day! We cash personal checks and hold 'em! Even if you have bad, slow or no credit, we can put cash in your checking account TODAY! | |
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| Free Payday Loans! First-time customers receive a FREE loan! No Fax Required. Faster approval process. First-time borrowers of payday loans can request up to $400.00, and first-time customers get a free cash advance. The fee for a cash advance is $25.00 for every $100.00 borrowed. | |
| Faxless PayDay Loans to $1000 with no credit checks!Your #1 payday loan cash advance provider! The PaycheckToday online application is fast and confidential. No Faxing Required! Fill Out The Express Application. Approval in 30 Seconds. Get Up to $1000 Cash in 24 Hours! | |
| Cash Central Payday Loans. Cash Central is one of the first online lenders to offer payday loans with state certified backing in 23 states. We proudly maintain an honest, ethical, customer first-lending philosophy. No bait and switch. No over-promising. | |
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This is a good payday loan source with a low guarantee. Only $10 per $100 borrowed. You can receive up to $500 into your bank account by tomorrow. This site comes with excellent customer service, with receiving a 96% satisfaction customer rating. No fax. Go to the site... |
| 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. | |
What Are Payday Loans News
Gay marriage protests planned across nation - Port Clinton News Herald
COLUMBUS, Ohio (AP) — Events are planned across the nation this weekend as gay-rights advocates protest California’s new ban on gay marriage. A California Supreme Court decision that had legalized same-sex marriage was overturned by voters on ...
Read more...Defeated in Ohio, payday lenders look for options - WTOP Radio
A customer enters a Payroll Advance location, Thursday, Nov. 6, 2008, in Cincinnati, Ohio. Voters approved an issue that upholds a state law that caps interest rates and limits the number of loans a person can make in one year. The payday loan ...
Read more...Defeated in Ohio, payday lenders look at other options to offer short ... - Chicago Tribune
CINCINNATI (AP) _ The payday loan industry — stung at the Ohio ballot box with a strict new law — is looking for other ways to do business, prompting consumer advocates to worry that lenders are finding a way around the election results. Lenders ...
Read more...Ohio payday lenders look for options - Fort Wayne Journal Gazette
CINCINNATI – The payday loan industry – stung at the Ohio ballot box with a strict new law – is looking for other ways to do business, prompting consumer advocates to worry lenders are finding a way around the election results. Lenders are ...
Read more...Summary Box: Ohio payday lenders look for options - WTOP Radio
(AP) - WHAT HAPPENED: Ohio voters upheld state law that caps annual interest rate on payday loans to 28 percent and limits the number of loans per customer to four a year. WHAT PLANNED: Payday lenders are looking at other services like pawn brokering ...
Read more...Editorial: Payday lenders need limits - Memphis Commercial Appeal
The truth be told, a proposed ordinance that would place new restrictions on payday loan and title loan businesses in Shelby County probably wouldn't be very effective. The Memphis City Council and Shelby County Commission should go ahead and pass it ...
Read more...Bill Faith Lack Faith of His Convictions - Bloggernews.net
Read 30 times. After repeatedly pinging Bill “The Parrot” Faith, the Executive Director of the Coalition on Homeless and Housing in Ohio, to answer three simple questions regarding payday loans, the sum total of his reponse was, “Why don’t ...
Read more...New payday loan products are reaction to vote; 79 Ohio sites to close - Toledo Blade
As expected, some in the so-called payday loan industry have announced they will close a combined 79 stores in Ohio after the passage of a state ballot issue that meant payday loan interest rates were capped at 28 percent. But several lenders ...
Read more...Quick loans under scrutiny in Memphis, Shelby County - Memphis Commercial Appeal
With their quick, high-interest rate loans, these businesses have a reputation for clustering in low-income neighborhoods, preying on the poor and attracting crime. “One of the issues that was brought up in community meetings all over the district ...
Read more...Payday lenders seek options after defeat - Chronicle-Telegram
CINCINNATI — The payday loan industry, which lost a ballot fight to overturn tough restrictions on the interest rates it can charge costumers, is searching for other ways to do business in Ohio as consumer advocates worry that lenders are finding a ...
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