Think ‘payday loans’, and as an uninformed consumer, it is natural that you would conjure up images of spiked interest rates, information misuse, and loan fraud. Those who parrot apprehensions 2 & 3 as a reason to stay away from payday loans often fail to realize that it is an issue of subjectivity. It always goes without saying that once you drop your guard or if you run out of luck, there is always a possibility of being conned or victimized. Although there are instances to justify this sense of insecurity, one must understand that isolated cases don’t make for credible yardsticks. As for apprehension 1, which perhaps is the most widely quoted, a closer inspection reveals how unfounded the allegations are.

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