By Mandeep Raj Mishra
The payday loan is a fast-growing industry in America and a depressing one at that for many people. The generation with which the payday loan is a big hit lives from paycheck to paycheck and seems to never emerge from debt, in which they are submerged to very great degrees.
In some cases, the amounts offered in a payday loan are merely a few hundred dollars and the rate of interest an exorbitant 500%. For instance, one borrows $200 then the amount to be repaid on payday is $240 or 250. The lending companies are thriving on this business venture; whereas, for millions of Americans, the payday loan has become a way of life.
Between the years 2000-2003, the number of companies offering payday loans has gone up to 20,000, not including the numerous websites that offer such loans. The service sector of low-wage workers has increased of late, leading to a boom in this industry. This has become almost like an alternative banking sector.
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There are claims that these loans actually end up being cheaper than actual banks because the charges for a bounced check range from $60- 70 and the late fee is only $30. However, the rates of interest are very high. For instance, they might take a fee of 15% to 30% on lending a hundred dollars. For someone with bad credit, a payday loan comes as a saving grace, especially for emergencies, because they can
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