With the bad press payday loans get, you’d think individuals would stay away from them

With the bad press payday loans get, you’d think individuals would stay away from them

however the lure of quick money keeps them coming.

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But that’s just maybe not the truth. In reality, there are many more payday financing storefronts (20,600 based on Community Financial Services Association of America) into the U.S. than you can find McDonald’s fast-food restaurants (12,804 relating to NationMaster.com). The check in the screen might advertise “cash advance loans,” “post-dated check loans” or “deferred deposit check loans.” It doesn’t matter — each of them work the exact same.

How come the industry still thriving? Two terms: quick money.

“A cash advance are authorized within a matter of hours and there’s typically no credit check,” claims Theodore W. Connolly, writer of the “The Road away from financial obligation.” “Usually, you compose your own check payable towards the payday lender for the quantity you want to borrow plus a charge. Read more