online cash advance
Payday Cash Advance Loans Get Good Ratings
A study from George Washington University shows that most payday cash advance loans borrowers “use the credit intelligently.”
In fact, only a tiny fraction of online cash advance users said they had trouble getting out of debt because of advance loans.
A stark contrast
Opponents of online cash advances like to throw around the word “predatory” when talking about online cash advances. However, people who actually use online cash advances don’t seem to feel preyed upon.
“Only about 3 percent of online cash advance customers mentioned difficulty of getting out of debt as a reason for being dissatisfied or only partially satisfied with their most recent new online cash advance,” the survey says.
Many legislators out there, probably a lot more than 3 percent, are clamoring for “protecting the consumer” and regulating online cash advances. Seems to me they are trying to fix something that isn’t broken.
Speaking out in Kansas
One disgruntled consumer wrote a letter to the editor of a Kansas newspaper, saying that online cash advances help households, not hurt them.
“Let’s give Kansans a variety of credit options and allow them to choose which are best for them and their families,” wrote Tom Linafelt of Overland Park wrote.
Run out of New Hampshire
New Hampshire previously passed legislation that caps interest rates on online cash advances. Companies warned that the regulations would put them out of business, and now it has.
Advance America, a online cash advance company with stores across the country, is shutting down all 24 of its New Hampshire locations. Too bad people in New Hampshire now have one fewer place to turn during difficult financial times.
It seems legislators who want to regulate online cash advances have a skewed version of reality. I would be more than willing to bet that none of them has ever taken out a online cash advance. Instead of thinking about the situation from a practical standpoint, they are simply looking at numbers and drawing conclusions.
Unfortunately, their lobbying and publicity stunts mean that access to payday cash advance loans is more scarce in a time when many people need them most.
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