There's a great quote in the Charleston Daily Mail today (a local newspaper). The quote is from the founder of one of the largest payday lenders in the U.S. and it describes how people view payday lenders:
"It's the craziest business. … Consumers love us, but consumer groups hate us."
That quote sums things up pretty well. Most consumer groups and watchdog organizations claim payday loans are too expensive, and that consumers should look to other options when they need emergency cash. But for many consumers, payday loans are the best, fastest, and sometimes only option available.
We agree that payday loans can be a poor option for some people. For example, if you have other ways to scrape together funds to cover emergency expenses (such as a loan from a sympathetic family member, or an inexpensive bank loan), please use that option. But if you don't have such options, and have a true financial emergency, we believe a payday loan is a great option.
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