In past few months, it has been noticed that lots of senior citizens in the United States of America are looking for payday loans and short term financial loans to help them get by each month, the Dallas Morning News Reported. It’s true that these short term loans include up to 300% interest rates.
These are provided to those who have a steady or secure source of income that will be used when repaying the loan amount. In the case of seniors, that’s the social security check.
The newspaper also stated that over 25 percent of payday loans borrowers are on social security, citing statistics from the center for responsible lending. Several detractors of short term high interest loans say they simply put more debt on the seniors at a time when they can least afford such pressure. According to the Payday Loan Industry, the loans rescue consumers who are in a fiscal squeeze and are a cost efficient financial taxi to get from one payday to another.
Well, this is good news for Payday Loans Lenders as they are helping people who need such funds at times of emergencies. So if you are a senior citizen then you can also choose for such USA Payday Loans and manage unpleasant times without much effort.