what prompts people to get payday loans as opposed to a cc?

*bait*

It's a pretty serious question. Under what circumstances besides the most obvious drive people to get PDL's? If can figure out the cause, I'm sure a solution becomes much easier.

I think I can answer that...

There are 2 reasons that I can think of. First off is credit..A lot of people who get PDLS don't have the credit to get a credit card. PDLS don't care what your score is.

Second, time. If you need money FAST there isn't enough time to wait for a credit card..PDLS give you your money usually within 24 hours.

I think either is a terrible way to get cash, PDLS being the most dangerous.

Don't know what the solution would be, other thatn raise minimum wage, etc. Alot of people get them because they are desperate, easier to get than cc, and need to eat and have shelter. Yes, it may not be very smart at the time, be in alot of situations, you do what you have to do at the time. I have had both, gotten in as much trouble with both, hopefully learned my lesson. ..Karen

I agree with fisfan . . . . I got pdl's because I had bad credit and couldn't get a decent credit card, plus I needed money then, not in a few weeks when the card came.

Now I would rather starve then borrow money from a pdl. I too have learned my lesson.

As as been stated many, many times on this board---desperate people in dire financial straits "resort" to using PDLs. It could be due to not being able to get a credit card, having a card over its limit, a "one-time" loan that can be paid back immediately (HA!) with no one knowing about it. Just depends on the person and their situation.

Emergency cash is another reason . . . Legit personal loans take time, and sometimes people need the money right then. You can walk into a storefront with your pay stubs and checkbook and walk out 10 minutes later with the cash.

All companies are doing business. They will make money when you are in need of it. No one is doing a charity. These companies will charge an interest on every dollar.

It's about whom you visit first. I have an experience with a credit card company offering credit to people with bad credit. It happened to me also. It's just that these companies are willing to do this to their own customers only. If someone with other bank has a huge debt, they will not like to risk their finance if that person visits them for credit. But if you are an existing customer with the same credit company and are in financial mess, they will place offers no matter, if you already have debts with them and are worried about the repayments. They have a feeling that they will be able to recover the money when your situation improves or by using legal ways.