Christians: Payday Loans Can be Useful in an Emergency
ChristiaNet.com, the world’s largest Christian portal with twelve million monthly page loads, conducted a new poll by asking the question, “Are payday loans a temporary fix to a crisis?”
Overall, many participants seem to agree that these types of cash advance loans can provide some necessary emergency cash when needed. Bill Cooper, President of ChristiaNet said: ”
High interest loans are costly but in an emergency situation, people are usually willing to shoulder those costs. Even so, it might be advantageous to do some comparison shopping when opting for high interest loans.”
Out of 244 participants, 89 responded “yes” to the survey question. While many agree that online payday loans can provide some emergency cash when needed, there are some important issues to consider before doing so. One reader shared an experience by saying:
“From experience I fell further in debt. Instead of praying and waiting on God, I decided to take matters into my own hands.”
It seems that indulging in these types of loans might cause further problems for some borrowers. High interest fees might cause borrowers to get deeper into debt.
One-hundred and seven participants answered “no” to the survey question. The consensus with this group is that while fash cash advance loans provide a temporary solution, they only add to the problem already there. One concerned reader said:
“If you need an advance you’re living ahead of what you are getting and subsequently getting further and further behind.”
If the problem boils down to bad money management, then a temporary fix with some emergency cash won’t solve the initial problem.
Forty-eight people were unsure about the survey question. Most readers in this group feel that it depends on the crisis and if bad credit payday loans were used for a one time scenario, they could help.
“Unfortunately, I have had to get a few in the last couple of years. Some are just traps and the way you pay them there is no way to get out from under them.”