When it comes to us a financial problem that requires us to have some amount of money is a relatively short moment, calling for help to the payday loan lender could be the best option we have. There is no doubt that payday loans could bring us to the easy and fast effort of getting the cash we need. However, the existence of this short term loan is not without controversy.
The fact that payday loan lenders charge the borrowers 15% to 17% from the amount they borrow in two weeks. It means $15 to &17 from borrowed $100. Just make it five times bigger for $500. This is the reason why some people see the payday loan as a “debt trap”. Of course the statement came from the opponent lender of payday loan.
In contrary to the negative statement of the payday loan, some sources seem to have opposite opinion about the loan. Based on the fact of the payday loan borrowers who mostly have steady income, the term of payday loan really provides them easier and faster way to get the cash. It is proven with the satisfied payday loans borrowers based on A Comparative Analysis of Payday Loan Customers by Edward C. Lawrence. Besides, the convenience seems to increase since there is existence of online payday loan for the customers.