Dear Mr. Armstrong:
I read this article with great interest, and I have a few questions for you, especially since you have a degree that emphasized economics.
1) Have you ever had a need for short-term credit? What did you do about it?
2) Have you ever set foot inside a payday loan store?
3) What is the sum total of your education regarding payday loans?
4) Have you ever spoken to more than 3 payday loan customers?
5) Have you ever spoken to a payday loan store owner?
6) Why do you call payday loan companies "loan sharks"?
7) What percentage of payday loans are paid off on time, and where does one find that information?
8) Let's say I am in dire need of $300 to fix my car, so I can drive to work. I do not have a credit card. I do not want to ask a friend or relative or employer for a loan because I'm embarrassed to do so. I don't have anything I want to risk losing via a pawn loan. What do you suggest I do to get that $300 (The answer to "budget better" is not an answer. I budget very well. This car repair was unexpected).
I often find that people like you take an elitist stance on the issue of payday loans...because your wife is a dentist and you do just fine, thank you. You've likely never set foot in a store, talked to an owner, talked to more than 3 customers....if you've even talked to one, I'd be shocked.
And by the way, I don't need YOU to tell ME what MY choices of credit should be. There's a reason 9 million people use payday loans each year. Use that economics degree, Chuckles. See if you can guess the reason.
- Contact local credit union for small loan.
- Ask for payday advance from employer.
- Consider loan from family or friends.
- Use Credit Card advance. Yes even a credit card advance is smarter.
- Request additional time to pay bill from creditors instead of payday loan.
- Look at your options.
- Look into over draft protection on your bank account so if you don't have enough funds to cover a check you write, the bank will pay the check and you'll avoid insufficient fund fees and returned check fees.
- Seek credit counseling.
- Have an emergency fund.