San Fransisco, CA -- (SBWIRE) -- 06/11/2012 -- The phenomenon of payday loans has exploded in recent years. With the economic downturn and rising cost of living due to the increasing expense of utilities, more and more people are finding it increasingly difficult to make ends meet. When money is running out, a payday loan could provide a short term solution to financing problems.
Despite their increasing popularity, many people still aren’t aware of the particular processes involved in securing a payday loan should they want one. Some are also justifiably cautious as the media paints a spurious picture, often criticizing payday loans companies for their high APR and interest rates.
The Payday Review is a site recently launched to tackle the issues surrounding payday loans in summary, offering introductions to the main areas of concern and addressing them in turn, as well as providing a generalized introduction and overview.
The site also carries several unique perspectives on the issue, looking at how payday advances can actually work out cheaper compared to bank supplied overdraft services after charges, provided individuals can pay back the amount on time.
The tone is one of cautious optimism, explaining the realities of payday loan businesses and how they can afford to work, while at the same time demonstrating how conscientious users can get the best out of them and work the system to their advantage.
The site is keen to urge caution, and to promote a full understanding of the consequences of payday loans in areas consumers may not have considered, such as their credit rating.
A spokesperson for the site explained, “Many people see payday loans as so-called predatory lending; businesses preying on vulnerable people to extort them. But the truth is, banks and credit cards cornered that market for years, and it’s their exploitation that has made payday loans a necessity to many people in today’s society- they can work out cheaper than the interest owed on credit, debit and banking overdraft charges and they’re quicker and easier to secure than bank loans. Yes, there are risks, but those pale in comparison to the consequences people face without the use of these services- loss of their homes and livelihoods.”
About The Payday Review
The Payday Review is a website offering a short introduction to the field of payday loans, comprising advantages and disadvantages thereof, and recommendations for use. For more information please visit: http://www.thepaydayreview.com/uk/payday-loans/