Channel 15 confused over loan cause and effect
There was a recent report by Channel 15, that brought up a study done by Vanderbilt University. In this study it pointed out, “Payday loan customers who are approved on their first application are more likely to file for bankruptcy than those whose initial applications are denied, according to a study out of Vanderbilt Law School. ” I am not sure I understand where this is going as far as trying to point out a bankruptcy filing rate with those that took out a payday loan. The people that could not get a payday loan probably did not qualify for the loans because of some sort of income issue or other specific requirement the payday lenders require. I would think this sort of individual had more potential of falling behind and contemplate bankruptcy, don’t you think?
Leadpile Lead Exchange has been generating payday loan leads for some time now. Blaming or relating bankruptcy filing rates to those that have taken out a payday loan, and not those that have been approved for one, just does not make sense to me. Does this also mean that someone who took out a new auto finance loan is more likely to file bankruptcy, versus someone that applied for an auto finance loan and was denied? There are people that have a lot of outstanding past due debt that I would say is more of a correlation to filing bankruptcy, versus someone who took out a payday loan. Those that did not manage their debts properly, had an expected loss of job, or those that had a major financial change in their life are more of a cause of someone filing bankruptcy. Payday loan = bankruptcy? Payday loan = what else?
I agree that it’s important to be very careful when and where you borrow. Payday loans are definitely not for everyone and only for certain situations. I do think that they can provide help sometimes.
1In my case, that’s not what had happen! Payday loans helped me when i need urgent cash. There are other people besides us who are feeling the economic pinch and heading towards payday loans. It’s obvious that the Asian and European financial systems have taken a plunge into misfortune, but we often forget about our neighbors to the north. We forget how closely America and the great nation of Canada are tied. The recession has taken a toll on the banking system worldwide. The Canadian government is in a catastrophic state unsure of what to do to effectively handle the problems it is facing with the economic climate. The situation gets even more ugly. The members of Parliament were settled on not cooperating with the Conservative Prime Minister and may have been heading for a vote of No Confidence, an effective removal of the Prime Minister. The Prime Minister has asked the Governor General, head of Parliament, to suspend Parliament in order to devise a new effective plan without fear of partisan quarrels. This is called a “prorogation” which does not often occur. So if you think America is the only country in high need of emergency cash and payday loans, think again. We are not alone in this economic disaster. Click here to learn more about payday loans.
2If you want to run a successful payday loan business, you will need good cash advance software
3The only correlation between a payday loan approval and a bankruptcy filing is that it is not uncommon for payday loan consumers contemplating bankruptcy to apply for and receive as many payday loans as possible just prior to filing the BK.
It’s similar to the counsel a bankruptcy lawyer gives a prospective client. Max out all the credit cards and get cash advances. Wait 6 months for a bit of “seasoning” and then go BK.
Bankruptcy lawyers even offer to allow their clients to pay their fees by credit card!
Jer@PaydayLoanIndustry.com
4Can anyone tell me of a website that has really nice FREE christmas Ecards, because i keep finding sites that say ‘ 1 month free trial, but they ask for your credit card, and i dont want to do that.I have found some free sites, but they don’t have very nice cards.Please let me know of any good sites you know of, thanx
5Thanks for sharing your time and information with us! It was a brilliant reading! Thank you. Tomas
6Debt and Bankruptcy question: Should you declare bankruptcy? Personal bankruptcy
7generally is considered the debt management option of last resort because