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People of all income levels use payday loans
#41
(01-19-2018, 11:56 AM)sandraharriette Wrote:
(12-31-2017, 06:32 PM)Robbie626 Wrote:
(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.

It is hard for me to believe as well that people with that kind of income take out loans. I always believed that if you do not have money for something you cannot buy. This usually goes for taking out loans to gamble, video games, and other unnecessary wants that you can live without. A person who earns $100,000 can easily start saving at least 20% of each paycheck for a raining day to prevent loans. Loans should be the very last choice if you do not have any money for rent, food, or other requirements to live. Interests will make $300 dollars take forever to pay off and you will be paying back like $600. Saving is key and there is no excuse for a $300 payday loan with that amount of income. They could have saved at least $2,000 with what they make.

A payday loan is not always about paying unforeseen expenses or getting by while living paycheck to paycheck, from what I have gathered. I believe it's a smart strategy to use this in the event there is an error processing direct deposit on the employer's end or if they make an accounting error. I saw this firsthand where someone was overcredited and HR/Payroll came in and told him that they would take the amount out of his paycheck. Well, he had budgeted that money as a bonus and gotten used to it. It balances out when one is normally used to receiving an extra $500 and they have to go 2 weeks without it until the paycheck balances out. It can be a little disintegrating and unstable. So it's kind of like a cash advance more than anything, but it shouldn't be misused in other ways -- that's where it doesn't work or make sense.

Are the employers not obligated to fix it when this happens? Any time my pay has been messed up, in every job I've had, my boss/company has been super apologetic and made sure to fix it right away. One time it was a Friday and my boss offered to go withdraw cash and bring it to me if I needed it before the banks opened on Monday! I thought it was (by law) their responsibility to fix it, but I guess that probably varies by country etc. too. Maybe I've just always had cool bosses!
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#42
I don't think people with that amount of salary will avail such payday loan. Their salary will be enough or I think even more than enough for their needs so having payday loan is pointless.
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#43
(01-20-2018, 02:47 AM)Sase3119 Wrote:
(01-19-2018, 11:56 AM)sandraharriette Wrote:
(12-31-2017, 06:32 PM)Robbie626 Wrote:
(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.

It is hard for me to believe as well that people with that kind of income take out loans. I always believed that if you do not have money for something you cannot buy. This usually goes for taking out loans to gamble, video games, and other unnecessary wants that you can live without. A person who earns $100,000 can easily start saving at least 20% of each paycheck for a raining day to prevent loans. Loans should be the very last choice if you do not have any money for rent, food, or other requirements to live. Interests will make $300 dollars take forever to pay off and you will be paying back like $600. Saving is key and there is no excuse for a $300 payday loan with that amount of income. They could have saved at least $2,000 with what they make.

A payday loan is not always about paying unforeseen expenses or getting by while living paycheck to paycheck, from what I have gathered. I believe it's a smart strategy to use this in the event there is an error processing direct deposit on the employer's end or if they make an accounting error. I saw this firsthand where someone was overcredited and HR/Payroll came in and told him that they would take the amount out of his paycheck. Well, he had budgeted that money as a bonus and gotten used to it. It balances out when one is normally used to receiving an extra $500 and they have to go 2 weeks without it until the paycheck balances out. It can be a little disintegrating and unstable. So it's kind of like a cash advance more than anything, but it shouldn't be misused in other ways -- that's where it doesn't work or make sense.

Are the employers not obligated to fix it when this happens? Any time my pay has been messed up, in every job I've had, my boss/company has been super apologetic and made sure to fix it right away. One time it was a Friday and my boss offered to go withdraw cash and bring it to me if I needed it before the banks opened on Monday! I thought it was (by law) their responsibility to fix it, but I guess that probably varies by country etc. too. Maybe I've just always had cool bosses!


That is what has happened to me in the past . Payroll was late and employer rectified the situation nicely. I think they know they can get in a lot of trouble when pay is late with the government. One employee complaining and they have a real problem on their hands.


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