Scott Santens, “Payday Loan Lenders Are Unstoppable. . . Or Are They?”
[Josh Martin]
Utilizing the momentum against payday loan lenders generated by HBO’s John Oliver, Santens takes the opportunity to highlight the basic income’s impact on indebtedness. Using results from the basic income pilot projects in India and Namibia, Santens shows how effective the unconditional transfer is at combating indebtedness. There are a lot of quick payday loans you can apply for if you are looking for some extra money or quick cash during a financial emergency. If you’re looking to apply for a loan or just see what rates you could be looking at, start looking into payday loans and see how they could bide you over until payday.
However, for those with a low income this can be a slippery slope that leads to what seems to be inescapable debt. Someone who has a steady income can easily pay back a payday loan within a month or 2 of them getting it. They simply use the extra money to pay for whatever it was needed for and then have no issue paying it back within the necessary time.
However, it isn’t this easy for those with the lower or unstable incomes. If they take out a payday loan then they may not have the money they need to pay the loan company back which leads to late-payment fees or higher rates; pushing them even further into debt. Luckily, they can look for a payday loan consolidation service for them to help get them out of the poisonous cycle.
Scott Santens, “Payday Loan Lenders Are Unstoppable. . . Or Are They?”, Medium, 16 August 2014.
