Are Payday Lending Companies Engaged in Predatory Practices?
The answer to this question will largely depend on the position of the person making the statement. If you are going to ask those who are against payday loans then you will obviously get a strong confirmation that indeed payday lending companies are engaged in predatory practices. We are well aware of the downsides of payday lending as propounded by the critics of this form of subprime lending service. Consumers who are perennial clients of payday lending companies are hanging by the thread and courting potential financial disaster. For those who are against this type of short term loans, the decision to avail of such subprime lending service will ultimately drive consumers to their financial perdition. The warning is clear – payday loans lead to debt cycles. Operators of payday lending companies have been tagged as loan sharks in business suits. They are described as modern day financial monsters that prey on consumers who are in tight financial fix and those who have no other options
