> Payday loans are extreme case because it’s the last option for a poor person.
This is a false dilemma. There are many options before succumbing to a payday loan. Depending on where you live, there are a myriad of housing assistance, energy assistance, medical bills assistance, and food assistance programs on the city, county, state, and federal levels. Heck, even bankruptcy can be better in some situations. It really does depend on the situation.
The other problem here is availability of information. Everyone is 100% aware of payday loans and the temporary relief it can provide you (advertising), not everyone is aware of the upwards of 20+ programs someone in need can participate in, and it can be exhausting to apply and follow up on everything. Again, the reason the payday loan industry is so successful is they are preying on human nature to take the quick and easy way, but to say they are some sort of last option is not true at all.
This is a false dilemma. There are many options before succumbing to a payday loan. Depending on where you live, there are a myriad of housing assistance, energy assistance, medical bills assistance, and food assistance programs on the city, county, state, and federal levels. Heck, even bankruptcy can be better in some situations. It really does depend on the situation.
The other problem here is availability of information. Everyone is 100% aware of payday loans and the temporary relief it can provide you (advertising), not everyone is aware of the upwards of 20+ programs someone in need can participate in, and it can be exhausting to apply and follow up on everything. Again, the reason the payday loan industry is so successful is they are preying on human nature to take the quick and easy way, but to say they are some sort of last option is not true at all.