Why do most people have such a negative view of payday lenders?

I am a payday lender.

I see so many people posting how bad payday loans and payday lenders are and how they rip people off, threaten or hassle people who do not pay.

Like in any industry, there is the good and the bad operators. I would like to see the bad ones removed more than most. I strongly believe there is a need for payday loans to assist those individuals who cannot get a loan elsewhere or those who need funds urgently until their next payday.

We have many clients and have never threatened anyone. Our contracts are extremely clear and simple to understand and contain many warnings. We also believe we are the cheapest in the market but still charge high rates.

We send the standard letters if clients do not pay and forward accounts to our collection agents if they do not respond. We do not continue to add fees and charges once it gets to collections which is within a few weeks of the final due date.

I don't think this is being unreasonable. What do you guys think?

Why do most people have such a negative view of payday lenders?

People who take out payday loans are, in general, irrespsonsible with money to begin with. Most people go to payday loans not out of emergency, but to cover or buy things after they've already spent their paycheck. Now when they can't make their paycheck last even until the next paycheck, when you add repaying a payday loan, they are now short even more and it snowballs into more and more payday loans. Makes a victim out of people who cannot properly manage money to begin with. Easy cash = easy trouble for consumers.

I'm not saying there is no good intentions ever. I'm going by looking at my customers and how they use them. They always get in trouble and payday loans ends up making their situation worse. Some are just in tears. One ended up with 9 payday loans. A loan - even a small one - isn't usually the best thing when people have financial problems. If they are having financial troubles, adding to that is not helping them.

Why do most people have such a negative view of payday lenders?

A lot of payday lenders are less professional and tolerant - some resort to violence, many charge a high rate of interest to cover bad payers rather than do proper credit management.

Why do most people have such a negative view of payday lenders?

You prey on the poor and the stupid. If there were no loan sharks these people would have to rely on themselves instead of the quick-fix ripoff.

Why do most people have such a negative view of payday lenders?

I think payday lenders are scum. They are legalized loan sharks. They charge fees and interest that often times are as high as 800% annually.

I was amazed at the number of payday lenders just outside of our military bases. Fortunately, Congress passed a new law that limits the interest rate on payday loans to the military to a mere ... 36%.

I've never had a payday loan. Never borrowed from a bookie, a loan shark or the mafia. They are all scumbags preying on the weak and financially illiterate.

Why do most people have such a negative view of payday lenders?

I think payday loans should be outlawed. You charge 350% interest to people who can't even afford the loan in the first first. Then when they cant afford to pay that part back then go to another payday loan to pay for the loan they just took. Its a huge ugly cycle which usually leads to bankruptcy.

Why do most people have such a negative view of payday lenders?

Because the %26quot;fees%26quot; amount to usury.. and you should call that industry for what it is.... LOAN SHARKING...

Why do most people have such a negative view of payday lenders?

i think it is bad on both sides -- you are having to deal with the dead beats of the world that will not take the time and effort to learn money management so you loan to the highest risk folk on the earth -- just a case of buyer/lender be aware of what they both are contracting for!!!

Why do most people have such a negative view of payday lenders?

I think you know your job is compromising your values and you are just looking for others to try to help you justify what you are doing.