Marrero is a small town in the state of Arkansas. The population is only about twelve-thousand, so the bulk of the residents work at home or in nearby Little Rock. This means that a large portion of the residents use their personal vehicles to get to work, instead of using public transportation like the rest of the city. Marrero’s small downtown area is packed with payday loan stores and loan officers who seem to know everyone in town. They also know the shortcuts to getting quick cash, since the majority of residents are jobless and rely on their paycheck to pay their bills.
Most residents are familiar with one payday loan company, which started in this city more than ten years ago. It started out offering only a few small, short-term loans. But with the success it has enjoyed, it has expanded into a larger market. Many residents describe their transactions with the lender as being similar to being in an elevator. When you are in need of some extra money, just get out of the elevator, enter the building, and walk to the counter.
Each loan has a fee that must be paid before receiving the money. Payday loans are short-term loans, so most borrowers want to get the maximum amount of time they can for repayment. The loan offices take your application information and run some numbers to determine how much money you may qualify for based on your income. Then they fill out a simple form for you to sign. Once you have completed the application and signed it, the cash is deposited into your bank account within a few hours.
One of the features of these short-term loans that attracts many people is the simplicity of the process. Once you have agreed to get a loan, you simply go to the counter and tell them you need the money now. They prepare the loan for you and then give you a written list of all the documents you need to sign and return to them with your money. Then you get the money, and you can use it however you want. They do not require you to make any more repayments after getting the money, and they don’t require you to tell them where you live.
When these services are used correctly, they can be very useful. A lot of people use them to help them pay bills and meet other financial obligations that come up. There are some negative aspects of them, however.
One of the most important things to remember is that they are a loan, and as such are subject to the laws of lending. If you default on a loan from this type of establishment, you could face serious legal action. The penalties associated with defaulting on these loans can be steep. So use these loans carefully.
The people who use these services to help them with short-term money needs tend to be on limited incomes. They may have recently lost their jobs or have ended up with no work at all because of an accident or another situation that has made it impossible to get a regular job. For these people, payday loans are a godsend. They can use the money for things that they need, rather than saving it in an account and facing the possibility of it being garnished by a creditor.
Many people use these payday loans in order to help them get through tough times. It is important to remember, though, that these loans are not ideal for long-term use. If you find yourself in a situation where you must borrow money, payday is not the way to go. Instead, use other sources of emergency funds, such as your checking account.
