subject: MoneyMutual - A Positive Source for Payday Loans! [print this page] MoneyMutual - A Positive Source for Payday Loans!
A payday loan can be an easy way to get access to cash you already have coming to you in the form of your next paycheck. Life isn't always predictable, and some months you may have unexpected expenses or emergencies that can throw even the best laid plans into a tail spin.
Payday loans are a product that many people turn to during a time of crisis. A cash crunch can often result from an unexpected auto repair, a medical bill or emergency room visit, or emergency travel need. As regular bills and expenses come due, you may find yourself short on cash. A recent study from George Washington University found, in part, that "payday loans help the subjects to absorb expenditure shocks and, therefore, survive financially". This is simply another way of saying that sometimes life just throws you an unexpected curve, and to survive, you must make adjustments. Payday loans have become a tool that people can use to make those adjustments and escape the greater financial penalties they would otherwise face.
This same study also found that payday lenders are providing a service that otherwise doesn't exist for some borrowers: "...this industry evolved to fill a gap in the consumer credit market not being served by more traditional lending institutions". If you've been turned down by traditional lenders before, you don't need to be afraid to apply for a payday loan. With these loans, your future income, not your past history is used to determine your eligibility for cash. This means that in most cases, you won't have to fill out paperwork and you can even get approved with bad credit. You'll simply provide basic information about you and your monthly income to a lender that is there to help and may be able to approve you for funds in as little as one day. Last, the study found that, if used appropriately, payday loans can help consumers to survive financially: "The majority of subjects in our experiment, (i.e. 78.1% of the subjects with access to payday loans) benefitted both from the existence of and subsequent use of payday loans."
As proven in an extensive study of the payday loan industry, payday loans exist to fill a need among specific consumers, benefit the large majority of users, and can help people to survive financially by allowing them to make adjustments to meet the unexpected.
