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Pay day cash loans are extremely high-cost short-term loans that charge interest at the annual percentage rate of over 400%. As per various research and reports by the Federal Trade Commission and various consumer protection organizations, payday len

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ding has been found to be one of the most crucial reasons behind the rapidly increasing number of US consumers getting bankrupt.

Low Income Earners Are The Main Target Customers

The major problem with pay day cash loans is that they are targeted to people with low monthly income. These are the people who do not earn enough to maintain a separate emergency savings fund. Their basic, necessary expenses are often more than the amount of money they earn. So, they

take payday loans to cover even their basic living costs, such as to pay electricity or utility bills. These loans are advertised in such a way that they get a wrong assumption that the loans are easy and ‘not so expensive’. They feel highly tempted to borrow the same. And, this temptation is so high that it is only on the due date when they realize that repaying the loans would not leave enough money for them to afford even the basic essentials like rent and even food. So, they take another payday loan to pay off the previous one; this time, it is their helplessness, not just temptations. The same thing happens the next month, and this way, they soon get trapped into a spiral of debts. They keep on borrowing new payday cash advances and the eventual outstanding debt balance keeps on increasing at a very fast pace. Within a couple of months, they reach a point of time when the debts become so high that even borrowing new payday loans stop bringing any temporarily relief for them. At this stage, bankruptcy looks like the only available option for them. This is how a vast majority of payday loan borrowers are getting bankrupt.

Inability To Understand The Hidden Costs Of Payday Loans

Pay day cash loans are often advertised as a very easy and quick financing option, but the advertisements seldom give an accurate picture

about the total cost associated with such loans. A payday loan advertisement never says that the loans charge interest at the rate of 740% per annum while there are several other additional charges also. All they say about the cost is that they charge a certain ‘amount of money’ as interest, say $35. It is only when you enquire more or read the written loan contract when you get to know that this $35 of interest is charged on every $100 of loan issued for a short period of fourteen days. Besides that, around $15 of money (per $100) is charged additionally as miscellaneous other charges. So, the total cost is actually $50 per $100. Borrowing for 28 days will cost you $100 per $100, which means an annual percentage rate of over 1200% per annum. This is obviously only an example, but it must get you a clear idea about how costly and risky these loans are.

False Assumption That Payday Lending Is The Only Option

Another reason behind the popularity of pay day cash loans canadian viagra viagra canada despite its high cost is that low-income people, especially the ones with bad credit, often fail to think about a cheaper alternative option to borrow money. They come across attractive payday loan advertisements and the temptations to borrow those loans become so high that they make a false assumption that payday lending is the only solution available for them. In reality, if you think rationally with some patience, keeping your temptations away, you can easily identify better options, which might include taking a cash advance using your credit card, borrowing money from your friend or relative, requesting your salary in advance from your employer, borrowing a short-term personal loan from a credit union or from a subprime lender. In fact, you may even come up with a solution that does not require you to borrow money at all. For example, if you need money to make monthly mortgage payments, you should talk to your mortgage lender and negotiate a solution directly. For example, you can request them to allow you to make interest-only payments for a few months and that you will start making the normal monthly payments once your finances get better. If that doesn’t work, you can consider refinancing options. Refinancing a mortgage loan can easily bring down the monthly payments to a significantly much lower amount of money.

What About Those Who Are Already Trapped? Is Bankruptcy The Only Choice For Them?

Those who are already trapped in a vicious cycle pay day cash loans are often so much frustrated and hopeless that they fail to see better solutions than bankruptcy, such as debt consolidation, credit counseling and debt negotiation. The first thing that you should always keep in mind that even your payday lenders do not want you to go bankrupt because your bankruptcy is their loss also. All they want is to recover as much money from you as possible. If you tell them a way that can bring them more money than your bankruptcy can possibly bring, they will definitely listen to you. Payday loans debt consolidation can be one such solution, as it is a win-win situation for both you as well as your lenders. If you are not sure about how such things work, you can talk to a debt consolidation agency that offers free consultation.

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