Are Payday Loans in Vista Any Better Anywhere Else?

We have to ask ourselves, why do people in financial need seek payday loans as an alternative lending source? Should this type of loan be banned, since they are considered bad for the borrower? Why would such claims exist? It has been said that those who take out payday loans end up falling in to a myriad of worst case scenarios.

Should the government ban or educate the public on these type of loans? While the interest rates are higher than the APR of a terrible credit card deal, they do offer an alternative for people in need. According to the contracts that bind, as long as the borrowers is immediately present to pay back the loan based on its terms, there shouldn't be a problem. However, this doesn't eliminate the potential diversion caused by life. For example, the borrower gets into a auto accident and can't make it on time. Should they risk their following paycheck being garnished to repay his or her loan terms?

It isn't the fault of the lender when fate take intervenes. However, perhaps there could be exceptions to avoid the revolving door, and always having to pay back the first loan that initiated the borrowing in the first place.

The fast cash business isn't exclusive to payday advance shops, and has other options that could be less risky. For example: a pawnshop offers collateral lending on your valued items verses a bank account number or pay stub. The worst case scenario would be to lose it should the loan not be paid on time. However, pawn shops like Gems N' Loans, offer extensions and low interest financing for military personnel.