What do you think about payday loans? Getting a cash advance is very convenient during hard financial times. It is an alternative to using a credit card.
I know payday loans have a bad rep, but now Republic Bank is offering Payday loans. What do you think about a bank offering a Payday loan vs. a cash advance store?
Full Version: A Payday loan?
I think, please do not post links.
This is my first impression after visiting the site:
A 391.07% APR leaves an unsavory taste in my mouth. I understand the argument for providing these type of loans to under-serviced segments of the population. However, I just can’t get past the rate. In this era of shrinking net interest margins, I can see how a bank would look at anything it can to improve earnings, but ……….. what can I say? At what point does a service becomes a disservice?
I can also see why the rates have to be the way they are. At a minimum you need one or two people to run the program.
In one word, I am conflicted.
A 391.07% APR leaves an unsavory taste in my mouth. I understand the argument for providing these type of loans to under-serviced segments of the population. However, I just can’t get past the rate. In this era of shrinking net interest margins, I can see how a bank would look at anything it can to improve earnings, but ……….. what can I say? At what point does a service becomes a disservice?
I can also see why the rates have to be the way they are. At a minimum you need one or two people to run the program.
In one word, I am conflicted.
I apppreciate your opinion. Thank you.
QUOTE(loanuniverse @ Jan 25 2006, 05:47 PM)
This is my first impression after visiting the site:
A 391.07% APR leaves an unsavory taste in my mouth. I understand the argument for providing these type of loans to under-serviced segments of the population. However, I just can’t get past the rate. In this era of shrinking net interest margins, I can see how a bank would look at anything it can to improve earnings, but ……….. what can I say? At what point does a service becomes a disservice?
I can also see why the rates have to be the way they are. At a minimum you need one or two people to run the program.
In one word, I am conflicted.
A 391.07% APR leaves an unsavory taste in my mouth. I understand the argument for providing these type of loans to under-serviced segments of the population. However, I just can’t get past the rate. In this era of shrinking net interest margins, I can see how a bank would look at anything it can to improve earnings, but ……….. what can I say? At what point does a service becomes a disservice?
I can also see why the rates have to be the way they are. At a minimum you need one or two people to run the program.
In one word, I am conflicted.
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