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Payday Loans - A tale of two borrowers

Fred Bowers and Catherine Smith were two customers at their local payday loans office that went in on the same day to take a loan when the going got tough. Though they both got roughly similar amounts of loans at the beginning - Fred borrowed $300 while Catherine borrowed $350 - their experiences were remarkably different.

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Big Banks Saying No To Payday Loans

As you very well know, payday loans are big business. But it seems as though more and more banks are jumping off the bandwagon. Just last week four of the biggest banks in the United States decided they would no longer be offering payday loans to borrowers. The banks are Regions Bank, US Bank, Fifth Third Bank and Wells Fargo which is the largest bank to offer this type of loan.

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January 24th: PayDay Loan Danger Day

January 24th has been dubbed "Payday Loan Danger Day" by Coast & Country, a housing and regeneration company based in the North-east of the UK. Research carried out has revealed it to be the day that many people will be tempted to take out a payday loan as they struggle to make ends meet following the often expensive Christmas holiday season.

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The cash loan process

The most common payday loans involve lending short-term unsecured loans to a borrower who has to repay the loan in full in the next payday. The lenders verify the credit records, employment and income of the borrower although the criteria vary from one lender to the other.

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Before You Apply: Should You Take Out A Payday Loan?

Payday loans are regarded as a useful tool for borrowing fast money. If or when used correctly, one can even have a positive experience with them. Though the payday loan may seem so appealing, truth is that some people have had their personal finances almost completely destroyed and fallen into huge amounts of debt. Before making the decision to apply for this type of loan, it’s wise to weight both its pros and cons.

Advantages and disadvantages of payday loans


1. Relatively easy to obtain

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