Sharks
are well-known universal predators. They are both dreaded and admired,
though, more the former, to be precise. They live in the ocean and hunt and they are a part of the food chain. As any other predators they are likely to get their pray unprepared for the attack and there are enough of such ones.
One thing that is hard to understand is that there are many other
predators with teeth and strength and the desire to kill. However,
sharks are dreaded more than barracudas or piranhas and others with bad reputation. In fact, they have the worst one. Basically, payday lenders are frequently compared to sharks and not without a reason. They
prey on individuals with low incomes and poor budgeting skills. But the
thing is that payday lenders are far not the only and the worst
predators on the market and there are many others.
are well-known universal predators. They are both dreaded and admired,
though, more the former, to be precise. They live in the ocean and hunt and they are a part of the food chain. As any other predators they are likely to get their pray unprepared for the attack and there are enough of such ones.
One thing that is hard to understand is that there are many other
predators with teeth and strength and the desire to kill. However,
sharks are dreaded more than barracudas or piranhas and others with bad reputation. In fact, they have the worst one. Basically, payday lenders are frequently compared to sharks and not without a reason. They
prey on individuals with low incomes and poor budgeting skills. But the
thing is that payday lenders are far not the only and the worst
predators on the market and there are many others.
The situation when there is no cash left to cover some unexpected expenses and the payday is far away is absolutely not new. Budgeting
problems have got centuries of history and there is no sense to say
that only recently people have become careless and prone to getting into
bad debts. People have also always been rather careless to get carried
away by easy money prospects so that they eagerly go and deal with
payday lenders. In this respect they come into
a predator’s jaw themselves and it is quite unfair to say that lenders
make something indecent or unlawful. Such short-term and expensive
lending has got quite a long history. Lenders
offered expensive loans that were supposed to be repaid in short time
and in case of non-repayment, brought even more profit. This is the way
they made money and this is how their business worked then and still
does now.
This is the nature of a loan in this respect; this is the nature of a
predator – they never work for the benefit of a borrower.
Earlier debtors were punished quite severely with all the imagination characteristic to the age. However they have much less to be afraid of now. The worst thing that can actually happen is that a borrower can lose a car or any other valuable property. He or she can also ruin
their credit score to the extent that no other loan can be thought of
in the nearest future. Still, these punishments cannot be compared to
the ones implemented in,
say, the Middle Ages when a person could get penalized really severely.
Still, no one is getting their limbs cut off or burned or whatever else
but it makes no sense to deny the fact that debts and payday loan debts
in particular can lead to really serious consequences. Debt trap is
something many families get into and suffer from and it is all because
of predatory policies of payday lenders. Looks like we do not learn at all. And never on our own mistakes. Predators are able hunt
the pray that allows to get caught and attacked. In this respect there
are customers who allow themselves to get into the debt circle and then blame everyone around.
When
it comes to payday lenders, one should understand that they are scam
and predators, that is true, but that there are many other services and
credit types that pray on the middle and poor classes as well. Take
mortgages, for instance. Though, the rates are considerably smaller,
still, this is also a credit and the debt that many people hang on their
neck because they need somewhere to live. Or pawn shops; there is no need to explain this one. The thing about payday lenders is that they are somehow taken the place that existed through the history and their predecessors
got their profit quite successfully for centuries and they were not
called sharks and predators for some reason. But now they are.
The thing about predatory payday loan lenders
and their relationship with the borrowers is that the latter have to
understand the connection is here as long as they allow it to be. There
is other fish in the ocean that never meets with sharks and hopefully
never will. This is the matter of wisdom and lessons learned. One of the
basic thoughts is that sharks, either the ones in the wild or metaphoric ones, will always exist and this should be taken as a given. The ability
never come their way and be able to live on the amount of funds one has
at their disposal is the wholly and the only key to success. This does
not mean that emergency situations will never take place and that one
can be save from payday lender sharks. The main idea is that this is for a borrower to chose either to handle the problem or to fall pray of a situation. There is a lot of fish in the ocean that successfully lives up to senior age and doesn’t know what the trouble is.