Payday Loans as a Part of the Community

There has been much socio-economic debates about the role that payday lenders play within a given community. A surprising fact awaits anyone who does the research: Even in lower-income areas, those places in which payday lenders are allowed to operate enjoy lower crime rates, even lower than in nearby more-affluent areas in which online payday loans are not available on a brick-and-mortar basis.

Subtracting Desperation

Without the benefit of further studies, we can only speculate as to why there would be such a disparity, and it isn't the most outrageous speculations ever to form in the human mind. If people can obtain advances against their next paychecks, relieving economic pressures that might otherwise cause them to break the law, there will be much less potential for property crimes. It may seem simplistic, but it also makes perfectly good sense.

A More Responsible Approach

In markets where they have not been demonized out of existence, payday lenders have become just as much a part of the community (and the economic fabric thereof) as commercial banks and credit unions. There is also less stigma associated with borrowing from places like easyonlinepaydayloan.com than there is from taking one's possessions to the pawn broker. Paying a fee to borrow against one's impending paycheck comes with an air of responsibility that pawn shops can never offer.

As long as people can maintain steady employment - no small feat in these trying economic times - payday lenders will be there to offer them a bridge to the near future. The fees that people pay to acquire such short term loans are the lifeblood of the industry. If they charged interest rates along the same lines as mortgage brokers, they would not be able to stay in business, leaving communities in a position in which desperation might be the most attractive option - to the detriment of everyone else.