First Thoughts About Payday Loans

At this moment of writing, I am seated in a lounge at LAX airport. The idea of starting this website came to me just this very moment and I just had to pull out my macbook and start to draft the words and pages for a website, or a blog if you would have it, to clear the mysticism surrounding short term loans. The inspiration probably came about due to the recent FCC regulations regarding payday loans and also my dinner conversation with my partner last night. I have mixed thoughts about the FCC regulations as my personal opinions about payday loans in the United States does not always align perfectly with that of their authorities. i used “their” as I do not see myself as a citizen of any country but that’s a topic for another conversation. 

Payday Loan Has A Real World Demand 

Just yesterday i had a long conversation about payday or logbook or short-term loans with my business partner and his opinion is that such loans only contribute to the financial difficulties of families of the poorer strata. I agree to an extent but I also asked him “have you ever been poor?”. He grew up in a family that has provided everything for him his entire life and he has never felt the need to even asked for money from his parents, much less from banks or creditors. He will never be able to empathise with payday loans borrowers or understand why anyone in their right frame of mind would take a loan. My direct question to him was to get him to put himself in the shoes of a poorer fellow man and understand why he or she would need a loan just to tie over a week or two.

And if payday loans are such instruments of hell, why then does it exists and why then did it grew $3.4 billion dollars in the United States and $1.2 billion dollars in the United Kingdom. Why is there such a huge demand? His answer was that the users of such loans and typically irresponsible individuals who splurge their monthly income on drinks and fashion items and did not plan carefully what they can afford. Such a narrow view of the world. While I agree that there are many such individuals around, there are also a large segment of our population who are living at or below the poverty line. They are just making their ends meet and they aren’t able to save their meagre pay so their only means during an emergency or urgent need will be to loan the money and to subsequently pay back little by little. This is the real world and many people do not even have a dollar in their wallet and they can’t qualify for a bank loan. 

I myself have been poor once and I have been in dire need of money before. i could not even get a bank account and I was labeled as “unbankable”. I have take my share of loans and I have been in an unfortunate financial state before as well. There is not many financial solutions for people like us and payday loans or logbook loans give us the means to survive over our emergencies.

Of course there are many other reasons for taking up a short term loan and I want to create this website to inform readers what are the various situations that one may find him or herself in that will warrant loans. I also want to give sufficient information and opinions so that readers can make a better decision about their loans. I am not going to demonise payday loans nor do I want to pay a rosy picture over such financial instruments. It is never a good thing to have to borrow money but it is also not a embarrassment to admit to having borrowed money before. I say again “ I have taken loanS” and i am not shameful of it. I have been in a situation that required the extension of credit to me and I have been poor before. i have gone through that period of my life and while I am in a more comfortable period of my life, i recognised that there are many others who are still struggling and who needs to make ends meet. This website will provide some information, although it will be limited to my knowledge about the financial industry but it will be from an objective eye. This website will also share some of my opinions and insight into loans and short term facilities and to help share my experiences with people who are in need.

Getting Out Of Debt

I will also share my journey that i took to get myself out of loans and also to make a secure income. This income has allowed me to overcome my financial challenges and it has let me lead the life that I want to. At this juncture of my life, I see no need to hide my methods of making money online as well as offline. The key to financial freedom is not about drawing a fixed salary from an employer, no matter how big is your organisation, it is about how the individual achieve a passive income from a sustainable activity. 

if you wish to consult me about taking loans just email me. i will do my best to advise you on your situation and to direct u to the correct agencies and lenders. Personally I always advise that everyone should delay all financial needs if you can do so but if there is an urgent need, each of us should look into our own lifestyle now and see what can we reduce or spend prudently. Payday or logbook loans are but one option in our life and should be approached cautiously.