Payday Cash Loans - Responsibility

Each and every time a borrower lands in hot water following their taking out of a payday loan

, the finger of blame begins to wave around and look for a place to land. True, it may be more productive to rectify the situation and learn from it, but human nature is at is it and someone must always shoulder the responsibility.

The problem is, every single borrower will to some extent have his or her own opinions as to where exactly the responsibility lies, which can make it incredibly difficult to know who to side with. However, the blame will in every instance be pinned on the borrower, the lender or the local/national authorities behind the industry's regulation or lack thereof.

So, in the spirit of fairness and genuine open-mindedness, is there really a responsible party? Or is in fact the burden spread equally between all involved?

Answers can be found be looking at each example in turn:

Lender Responsibility

Payday lenders always have been and always will be responsible for the decisions as to who they will and will not loan money to such and such it is as simple as that. However, considerably less simple is the way in which lenders are able to go about policing their applicant while still maintaining the very core principles of the industry. After all, it would be impossible to offer the current level of flexibility and ease of access while at the same time scrutinizing each and applicant to the finest detail.

As such, the only way in which the payday lender can reasonably take control of the situation is to exercise a little more understanding and perhaps give a little leeway in genuinely difficult or inevitable situations. Or to put it another way, try to avoid punishing those facing a brick-wall not because of their own actions and instead ensure that penalties etc. only come into play when a borrower has blatantly flaunted his or her obligations.

Borrower Responsibility

There are few, if any financial products and services on the market today that come close to the simplicity of the payday loan. The whole contract is sought, struck and concluded in most cases within a month, which means that in this unique instance it is not necessary to worry about what the future may bring around the next corner. Or to put it another way, we might not know where life will take us in the months and years to come, but we can predict without about 99.9% certainty how the rest of the month will pan out cash-wise.

So, particularly given ongoing lender warnings, there is no excuse to ever take on a payday loan without 100% certainty that it can be repaid in full and on time. True, there may be one in a thousand instances where a genuine curve ball argues otherwise, but for the rest there is little justification in shifting the blame elsewhere.

Government Responsibility

The trickiest one of all involve the government too deeply and the industry is taken out of the control of the lenders and may become entirely unworkable. On the other hand, do nothing and the lenders may choose to function as and home they please. As such, the only realistic option with regard to local authorities is to promote fair and honest education as to the way in which the industry operates, rather than perpetuating the tabloid scare-stories that do nothing other than hold back both the industry and the consumer public.

by: Joanne Strider

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