Payday Loan Shark - Low Cost Payday Loans

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Low Cost Payday Loans

The entire world knows just how expensive payday lending actually is, and there are constant attempts at controlling the industry and creating actual low cost payday loans. But its a slow fight, coming up against multiple barriers both bureaucratic and financial. Payday Loan Shark knows all the bad, and you'd better believe we know what we're up against in our struggles to keep payday lending infested.

The infested waters of low cost payday loans

Creating low cost payday loans would be a simple and extremely beneficial move on the part of national financiers:

they could place usury limits on the loans, instantly placing a cap on rates and fees. To do this lawmakers must first make payday loans actual loans. At present they are considered services and as such can charge however much you the consumer are willing to pay.
they could also offer rate cuts to people with good credit, and could reinstate the credit check to to check for credit levels.

But the effects of creating low cost payday loans out of today's high-cost financial assistance would be detrimental to the overall effectiveness and availability of payday loans as a whole:

low cost payday loans would drive a large percentage of lenders out of the business, eliminating the Loan Sharks and the profit-driven financiers who have made payday loans so fast and prevalent.
lowering the cost and instating greater restrictions would prohibit access to a large majority of today's lenders who depend on payday advances for their financial livelihood.

In today's market you definitely have to watch your back for loan sharks and their teeth, but in a low cost market you'd definitely be swimming in food-depleted waters.

Take out the high cost and you'd get - nothing

Low cost payday loans are a fancy dream, but they are also a nightmare for the everyday borrower. People have come to depend on the speed and availability of today's payday loans, and lowering the cost would drive these fast and unbiased lenders out of the industry. Its a double edged sword - payday loans would definitely be cheaper, but they'd be guaranteed to loose their effectiveness as fast, dependable financial aid. We are paying a premium for premium service - take out those high charges and you get zilch from the Loan Shark.

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