There has been a lot of chatter on the internet with people responding to the recent criticism of payday loans. Indeed a lot of people have spoken out in favour of short-term cash advance loans by giving examples of when they have used them and why they have found them beneficial. One of the common threads amongst all the stories appears to be the fact that there are times when people really do have nowhere else to turn and payday loans have been the only life-line.
It is easy to criticise from afar, especially from a position of financial stability. It is also very easy to say how people should manage their money in an ideal world. The sad truth is that we do not live in an ideal world and the impact of the credit crunch continues to be felt throughout the population. Even the most ardent of savers are reporting that their cash reserves have been eaten away by drawing on them not to purchase luxuries or to provide a buffer for unplanned expenses as they had intended but simply to make ends meet.
Those with poor credit histories and indeed those who have no credit history as they have never borrowed money before, are finding it increasingly difficult to obtain traditional forms of credit such as credit cards and secured uk loans and it is for this kind of borrower that short term payday loans may be the only lending opportunity they get.
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