Los Angeles Times Discusses Payday Loans

When you are short on cash and have limited options for getting access to that cash, a payday loan can be a saving grace. Espcially in Los Angeles where gasoline prices usually top the country. Opponents of payday loans, usually refer to the high interest rates, but as discussed before, these rates are usually much less than even a bounced check fee from the friendly neighborhood bank.

But recently Christopher Thornburg of the Los Angeles Times argued why payday loans are more than just rich corporations preying on the innocent borrowers, but rather serves a point of view of lenders serving a need that banks and other institutions would not touch. In the article Christopher goes on to say that,

Despite high fees, people continue to use payday lenders with some frequency. Fool me once, shame on you; fool me eight or nine times, and clearly something else is up. It might be easy to accuse the firms of taking advantage of people and earning unfairly high profits, but if profits are so high, why hasn't there been a mad rush by the very competitive banking industry to provide these services in under served (Apply for a cash advance loan here.) neighborhoods? Given my personal financial institution's predilection for hidden fees and what would seem to be unfair charges for even simple services, I wouldn't chalk it up to an ethics issue. We also need to remember that before there were payday lenders, folks hard up for a few bucks had to go to an underground lender who would charge even more outrageous fees and possibly threaten bodily harm. Full Story Here.

When it comes to financial advice always do your due diligence. Cash Advance Lenders in Los Angeles are all willing to help you get a loan, but finding the best loan is the biggest challenge. But when it comes to having your lights turned off or borrowing money that no one else would loan to you, I know what many Americans would do.

Apply for a cash advance loan here.