You'd have to be on another planet or at least not be paying close attention to have failed to notice the growing presence of payday loans across the broad media spectrum.
With this growth in its availability payday loans have seen a corresponding growth in negative publicity, with many people questioning whether such a form of unsecured loan provision should even be legal. As questions are asked in Parliament and popular culture begins to take notice it is becoming clear that there are rumblings of change within the payday loan industry as people begin to question its validity. The central point in this debate to me seems to be whether the individuals who use the service understand the exact terms and conditions and are aware that it is designed for emergencies, to cover a person until they are paid, and not for regular debts or financial shortfall. Taking a payday loan without being able to repay is a very foolish act indeed, and will only lead to further misery.
Believing in a person's ability to make decisions for themselves, I feel that this form of lending is valid in the context of a person falling short and needing to have some extra money until they are paid, and once they are paid being fully sure of their ability to repay the initial loan. Problems seem to arise when people take out payday loans to cover debts that they cannot afford to begin with, falling into a cycle of debt which spirals ever downwards, creating problems, stress and ultimately financial misery.
My advice to anybody considering taking a payday loan is firstly to ask themselves honestly whether they can afford to repay this loan or whether they are just simply papering over the cracks, so to speak, in a manner which is only likely to cause further problems. Also, one should always consider the other options are available. The best possible solution, If needing some extra money until they're paid is perhaps to ask a close friend or family member. Although I am more than aware that, especially in this time of financial uncertainty and double-dip recession extra cash is not easy to come by, and many peoples family friends are in just as much of the financial straitjacket as the person who requires money. With all things considered same day loans, payday loans, or whatever you wish to call such forms of finance do have their place and as I've seen from first-hand can be something which actually enriches a person's life insomuch as it enables them to cover an emergency which otherwise may have escalated causing untold problems.