The Politics of Payday Loans: What Is Misunderstood

Attacking the payday loan industry and the products that it puts out has become a favorite target of certain types of politicians. They like the media that it brings for them and they like bashing a legitimate industry that is easy to score some points on.

The problem with all of the political bashing of payday loans is that most who complain about them have never taken out a payday loan in their life. They are making claims that they cannot support with evidence, but instead have to rely on emotion to back up their claims.

The payday loan industry serves those who are not necessarily able to obtain a loan through traditional means. They do not require credit checks, and they are often happy to loan to those who the banks and others have turned their backs on. This is critically important because otherwise this segment of the society would not have access to lending at all.

Regulations already exist around payday loans which help to keep them in check and to protect consumers. That is important to note because often people pretend that these loans are not regulated at all. It is quite to the contrary actually, this is one of the more regulated industries in the country. Those who complain about these types of loans often ignore this fact.

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Payday loans are for a small amount of money and are meant to cover short-term expenses. They are not designed to be used to cover things that are regular expenses or long-term investments. Emergencies are more appropriate uses for this type of loan.

The terms of payday loans are laid out in plain English and displayed in clear print for anyone to see. In other words, those who borrow a payday loan know exactly what they are getting themselves into. They are not being pulled into a loan that is tricking them.

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These types of loans are a lot more flexible than what you would find at a bank or other traditional lending institution. This is because the lenders are working with people who may not have the best credit history and have busy and variable lives. The lenders want to work with those people to get them the money that they need quickly and on a flexible schedule.

When borrowing from a bank or other traditional lender, you can expect to wait a good long time to get your money. The bank will pry into your life and find out if they deem you worthy of lending to in the first place. Then, after a very long wait you will finally get your money if and only if you are deemed a worthy borrower.

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A lot of the political noise on this issue is because the banks are heavy contributors to a lot of political campaigns. If you are a politician being paid by the banks for your campaigns, it becomes a lot easier to rail against payday lenders who are competitors of those very same banks. This is something to consider when reviewing the complicated issue of payday loans and the politics that revolve around them.

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