Quick Cash Advance
Quick cash advance loans have come under scrutiny from those who think such loans are evil. Some states, at the direction and vote of the legislature have outlawed such loans in some states.
Quick cash advance loans are a popular means of obtaining quick cash when cash flow is a problem and an expense needs attention. The target group of loan applicants are those will credit problems who do not qualify for a bank or credit union loan. What some legislatures and states fail to recognize is credits problems are not always the result of irresponsible spending. There are many reasons a person has credit issues and they may stem from losing a job, divorce or major medical expenses to name a few of the reasons.
The quick cash advance loans offer the applicant the only loan option they probably have. States that ban the loans remove the only option applicants have to obtain a small cash loan to help with a cash crisis. Banning the quick cash advance loans prevents the lender offering high interest, short term loans, but it also creates other problems for the applicant.
Those in need of cash and do not have the option of obtaining a quick cash advance loan, forces the applicant to do other things such as stealing and selling the items on the street or at pawn shops. Although there is no proven correlation between theft and those who cannot get a quick cash advance loan, there is no data available that disproves the theory either.
States that regulate quick cash advance loans often put a cap on the finance charges, the maximum amount of the loan and the maximum number of times a loan can be rolled over. There are loopholes in the regulations that allow the lenders to circumvent the regulations, nullifying the consumer protect the regulations are supposed to provide.
Instead of banning the quick cash advance loans, all states and the federal government should regulate the loans in all states and make the loans available to the segment of the population who need financial help the most. There will be those who take advantage of the loans, but there are those that take advantage of bank and credit union loans.
Quick cash advance loans can be a stepping stone to rebuilding good credit and without the benefit of such loans, credit rebuilding cannot happen and there are those that are responsible enough to know good credit is a must have for a comfortable financial life. Such loans are more help than a hindrance for those that need a small amount of cash to get through a mini financial crisis. Everyone at some point needs a little financial help at times and that help should be available to everyone who needs it.
Loans are part of the economy and the economy will only be helped with the spending the loans provide. The economy is best served when the financial influences are strong and thriving. Cash flow is necessary to make the economy go around and small cash loans help in that endeavor.