CFPB (Consumer Financial Protection Bureau) recently estimated that throughout the U.S. there are 15,766 payday loan stores which is more when compared to its popular fast food chain McDonald’s, that has 14,350 outlets. Like McHappy meals, a majority of people are satisfied with their experience using payday loans. And one of such companies is Personal Money Network, whose Payday Loans support has made the experience of customers much better.
A survey conducted amongst the payday loan users revealed that 51 percent of people who used it, didn’t regret using a payday loan. And 12.3 percent said they were undecided as to whether they regretted taking out a payday loan.
When asked how the payday loan bettered their financial situation, 44.2 percent said that their financial situation was better off because they used the loan. More than 25.5 percent said they didn’t consider themselves better or worse off for having used the loan giving it a neutral feedback.
Payday loans are great for people who do not have emergency savings or don’t have access to it. These are the same who generally do not get traditional bank loans. Payday loans are their first and immediate bet. Also some people prefer Payday loans because its application is quick. Its convenience is a selling point for many people who are in lookout for money in an emergency.
Thus these loans are popular in low-income communities who are not able to get traditional loans or when it’s taking too much time do so. Financial advisors have maintained their verdict on the payday loans that if the borrower knows and is well informed about all the features of Payday loans, and if he makes responsible decisions of how to spend their payday loans, then it is a decision they will never regret.
