Sunk Cost
While it is true that the nature of the business relies on financially irresponsible prey, we need to have an understanding that we live in a capitalistic nation and what they do is completely legal. On one hand the business provides a quick and easy way to some short-term credit. The guidelines are clear and simple; you get money now with the understanding that in a certain amount of time that amount plus the finance charge will be deducted from your bank account. Emergencies happen, cars break down, and funds are not always immediately available. Even the most financially conservative man might have just locked up a good portion of his money in a long term investment not knowing that two days later his car would break down. And lets be honest; most of us would rather pay the finance charge than resort to asking friends or family for the money. As you can see, there are many situations in which a service like this would be beneficial.
On the flip side of that coin, however, are the negatives. The service should certainly be used for emergency only situations. If your bills and expenses add up to more money than what you currently bring in, avoid this opt ion. At this point you need to take a good long look at your situation and start making changes quickly. On that note, make sure you will also have the funds available at that time so you don t get stuck with another finance charge. You should also avoid taking out these loans just to buy something you want really, really bad. When all is said and done, payday advances should not be seen as something good or bad, but merely an option.
References:
USA TODAY, a division of Gannett Co., Inc., 10/2/2006 page 12A
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