Some companies around the world offer payday loans to their employees. It is particularly meant for those employees who feel financially strapped. This follows complaints that many of their workers often face problems in paying off their bills every month, particularly during the last few days of the month.
These companies state that they remain committed to helping their “valuable associates” in whatever way they could. The facility is available only to the low-income employees of the company. They can thus get the money when they need it at competitive rates to buy food, gasoline, and pay for child care, rent and urgent medical bills.
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Payday Lending to the Rescue
This is yet another example of how a payday loan scheme is coming to the rescue of workers, who often don’t have the money to pay for their urgent requirements at the end of the month. Sadly, there are millions of such people in the United States now. Often, banks and other conventional lenders won’t give them the money they need because of their low pay or less than perfect job record. This is the reason some companies have come forward to their rescue within the company, but there are other payday lenders who are helping such individuals outside this retail chain - like us 🙂 . Their impact is far-reaching as these businesses are able to reach out to millions of more people.
These Scheme Are Profitable Too
Companies say that it wants to protect their employees and provide them the finances, but the scheme is likely to be profitable for the company as well. Fact is there is a ready base of more than a million customers who can take these short-term loans. According to their own estimates, some companies could make more than $10 billion every year by loaning cash to their own employees. That’s of course not a small amount of money.
Some employees are however against this scheme as they feel that it will make them indebted to their own employers. They are saying that nobody is forcing the employees to take the short-term loan. It’s just an option given to those who need the cash at the end of the month.
Perhaps the better option for those who don’t want to take the cash from their own employers is to find independent payday companies. Here is where we can help.
A lot has been said in recent times about the so-called predatory practices of payday lending companies. However, what has often been ignored is the positive impact of payday lending on many communities in America. For instance, studies carried out in recent times have revealed that consumers have actually fared worse since some states took the extreme step of banning paycheck advances.
The Pitfalls of Preventing Payday Lending
What happens when you deny short term loans to those who need the money at the end of the month? Most of them don’t have anywhere to turn to. They turn to illegal sources of funding and end up paying an even higher interest rate. For example loan sharks. And of course, a high percentage of people who take these loans end up with long-term debt. Many of them have to declare bankruptcy too, as there is no other option.
That’s not all. Studies have also revealed that after financial disasters, people who can get a payday loan report a competitive rate of substance abuse treatment and going into depression, than the communities where such loans are not available.
But even with all this data coming through, you will still find some policymakers and legislators who are reacting aggressively to payday lending. What they should rather do is address the root causes of long-term debt and endemic poverty in America. Thankfully, some of these policy and decision makers are realizing the truth now, and so, the fight against passing excessive payday lending regulations has begun. Some of these legislators have already stated that they don’t want more regulations to be implemented against payday lending.
Are There Any Payday Lending Alternatives?
Those against payday lending often point out that there are better financial alternatives than these short-term loans. With this belief, they advice people not to approach these small cash loan companies.
However, if such alternatives are available so readily, as pointed out by these critics, then why are millions of Americans approaching payday lenders for cash advances even now to pay off their unexpected bills and for their emergency fund requirements? It simply doesn’t add up. Clearly, the problem is not payday lending. It is somewhere else.
Is the CFPB Research Poor?
It has sometimes been said that the Consumer Federal Protection Bureau or the CFPB is conclusion rich, but research poor. For instance, the Obama administration wants to bring in new regulations for the short-term credit business, however the bureau is not up to date with their research to find out how these loans are affecting the financial welfare of borrowers. Obviously, the agency cannot know the reality. CFPB claims that they are data-driven. But they need to have essential information to know what helps consumers and what doesn’t.
Fact Contradicts What Many Critics Are Saying
The fact is that, many so-called experts and critics are far removed from what the reality actually is. Last summer, for instance, the Consumer Federal Protection Bureau released their own analysis of complaints received from consumers directly. This analysis revealed that of all the complaints received, less than 1% was from people who took payday loans. Most of the complaints they got were related to credit cards, debt collection and mortgage issues. Together, they made up a staggering 2/3rd.
There have been other such studies too that have arrived at much the same conclusion. So, clearly, the problem is not payday loans. It is elsewhere.
That said some companies have done the right thing by offering a way out to their employees. It is time more companies come forward to help individuals in real needs. Also, it is time we understand and learn to appreciate the valuable work the payday lenders are doing for people who cannot get cash for emergencies from any other source.
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