Thread Rating:
  • 2 Vote(s) - 5 Average
  • 1
  • 2
  • 3
  • 4
  • 5
People of all income levels use payday loans
#21
(12-28-2017, 08:04 AM)Michael Puttman Wrote: According to this article Taking charge of your future people of all income types are using payday loans. It's hard to believe that people making $100,000 would use a $300 payday loan.


Surely it's hard to believe that...

But when you think about it - the more you have, the more you spend. It's a human nature. Making $100,000 can give you the feeling that you can have everything you want and thus you will spend much more money on items which may not even be of great necessity. As time passes, you can easily find yourself in a situation when you urgently DO need this $300 payday loan.

And OMG @ the rent prices people pay in Texas  Dodgy 60% of their income? They basically work, so that they have a place to sleep.
Reply
#22
(01-03-2018, 09:20 AM)kgord Wrote: I think cirucumstances would have to be very dire for anyone making a decent income to even consider a payday loan. They are far from the ideal way to borrow money. Most people who have high incomes have assets like homes and they can always get a low interest home equity loan. It wouldn't make sense to get a payday loan.

It's funny, I only ever once looked into taking one out when I was... let's say pretty desperate and leave it at that. I didn't have a particularly good income (I was working part time and the company was losing business, which meant I was losing hours, and I didn't (and still don't actually, oops) have any assets that you mentioned.). The thing that ultimately stopped me from doing it was that the loan company asked for my employer's contact details, and the idea of them calling my boss and saying "your employee is trying to take out a payday loan" was terrifying to me.
I can't imagine someone who is earning 6 figures looking at that form and going "yeah, my boss won't care".
Reply
#23
I think the best way to not end up having a money problem is you avoid loans and work harder. The problem why people sometime get trouble in money is because when people barrow money they usually use that money in useless things. For example; instead of using that money intelligently in a way you can double it, you choose to use that money in gambling or buying useless stuff like new Iphones, why would you do that?
Reply
#24
(01-06-2018, 10:17 PM)kaisantos2229 Wrote: I think the best way to not end up having a money problem is you avoid loans and work harder. The problem why people sometime get trouble in money is because when people barrow money they usually use that money in useless things. For example; instead of using that money intelligently in a way you can double it, you choose to use that money in gambling or buying useless stuff like new Iphones, why would you do that?

Unfortunately that's not always possible - in fact a lot of the time it is NOT possible. People work as hard as they can, but only earn minimum wage. Companies downsize and cut hours. Not everyone has the qualifications and/or experience to go elsewhere. Some people are sick and can't work full time, or have to take care of their kids. There are far more people struggling for noble and legitimate reasons than there are due to gambling or buying iphones.
Reply
#25
I think if that happens, people will be can buy what they want to buy. Because there is a solution on their money problems.
its a good news. And i think the chances are too big.
Reply
#26
(01-07-2018, 03:18 AM)anabelle ponce Wrote: I think if that happens, people will be can buy what they want to buy. Because there is a solution on their money problems.
its a good news. And i think the chances are too big.

In as much as it is true that people can buy what they want since they can afford payday loans, the bitter part is the excessive interest that comes with such loans which is a problem to the borrowers in the long run especially for those that loses their job on the way or something of that nature. 
Reply
#27
I don't agree on the idea of using your paycheck as collateral for a loan. I mean, it's so stressful to imagine that you worked so hard for that money for the whole month and just give it to someone else.
Reply
#28
It surprised me but I think that could be possible. Even if you are earning 6 digits income, one may tend to borrow a $300 on payday depending on the situation of that person. I'm thinking of possible situations, maybe he is raising a big family with numerous huge expenses like tuitions, food, and the like, or maybe he has exhausted all his means for quick cash because he's paying current debts, or maybe he is investing or doing business and there's no liquid cash available for usage, or maybe he's gambling and have lost his earning. In the back of my mind, if I'll be earning this much, I'll really do saving and get away from loans. The income is higher than average so I don't think one need to get a payday loan. We just need to spend responsibly and save more for the rainy day.
Reply
#29
It will be hard to me to trust too individuals for that sort of salary take out credits. I continuously accepted that if you don't have cash you can't buy something. This generally dives for bringing out advances on gamble and other unnecessary needs that you could carry on with without. An individual who has $100,000 can effectively start sparing no less than 20% for every paycheck to An down-pouring day with keep credits.
Reply
#30
(12-28-2017, 08:04 AM)Michael Puttman Wrote: According to this article Taking charge of your future people of all income types are using payday loans. It's hard to believe that people making $100,000 would use a $300 payday loan.

That is crazy to believe but it could be their best option in getting a small amount of money, otherwise you must jump through hoop getting way more than on the loan than you really need. if they only need a couple hundred dollar loan then it may be in their best interest to go with the payday loan. The they can get the money and get it paid back quick rather than possibly having to wait to go through the long loan process. The fact that a payday loan would be much faster and be able to get the small amounts instead. I told others as long as you make sure the company is a legitimate company, get the money fast, and the percentage payday rate is not to terrible. Then of course make sure you can stick to your agreement you made to not loose you r car, your collateral.
Reply


Forum Jump:


Users browsing this thread: 1 Guest(s)