subject: Are Wageday Advance Payday Loans Misguided Or Misunderstood? [print this page] We have all seen the adverts on televisionWe have all seen the adverts on television. Talking heads of delighted customers who have used a quick loan provider to solve a problem at home that they needed money to fix. These adverts appear to have been made primarily as a way to convey a trustworthy image for the company. They spend less time explaining the service and how what can be a complicated process works, and more time presenting relatable characters in realistic situations who have used the service to their advantage without stress or any further issues.
For many of the more cynical viewers this just seems like a blatant attempt to mask a service that quickly gets its customers into financial difficulties. This is an opinion that is completely understandable. Rewind a decade to a time when reputable global banks were desperate to give out incredibly reasonable loans to their customers, and these quick loan companies were questionable. They were competing with such massive rivals that they had to turn to desperate measures to pull in the custom.
Fast forward to the present day now and the climate could not be any more different. Many of the biggest banks are in serious trouble as the recession has hit them harder than anybody else, and their lending policies have gone to the other extreme. This has seen an influx of companies offering a fast loan service, leading to a different type of competition. Now, in order to bring in the most custom they must offer competitive rates. They must offer something in their television adverts that sets them aside from their competitors, whether it be a favourable APR or a higher upper limit of borrowing.
It is, though, hard to take some of the adverts that appear on TV seriously, and it is often simpler to dismiss them as useless. However, when it comes down to it you need a loan for something that is important to you or your family; then there is no denying this is a valid option.
That is not to say that you should just walk blindly into borrowing without serious consideration; it is vital that relevant research is done to ensure that you find the best deal. Think hard about when you will be able to pay back what you have borrowed, and consider the absolute maximum that you will need to borrow to rectify the situation. Also take a long look at the repayment plans and the APR that you will be paying to ensure that you are not caught out. If done properly, quick loans can be a real help and can safely get you out of a bad situation.
