Friday, May 4, 2007

You Pay For What You Get

In Hull’s article entitled “Bill Would Limit Payday Lending; Measure Aims to Cap Fees, Restrict Numbers of Loans Borrower Carry” he points that cash advance companies are making high fee from the people who take loans from them, and how are they making the big amount of money from this fees. Then, he mentions the government and how they are they trying to protect people from those kinds of companies. Next, he mentions the fee and how high it is. Finally, he states the defenses from one of the cash advance companies owners. In conclusion, the author says that if the customers find any other companies can give them the loan with fewer fees they will go to take the money from him or her.

It is clear that people want everything less expensive, but the point is the less expensive they are looking for is needed more requirement; furthermore, they cannot have the entire requirement to get the less expensive things. That makes these companies are fine and works. The people and the government should not ask to decrease the loan’s fee because it is been helping the poor people and saving their time, something more is the fee is something that the company owner decision, because we are a capitalism economic system country.

First, these kinds of companies are very helpful for the poor people. Poor people can borrow money from the company if they are broke. So if a father of three children need to buy his children’s private school fee and he has not enough money, he can just go to one of those companies to borrow the rest of the money from them and pay it back later. In addition, by taking the money from the company and not from the family poor people will going to feel free. For example, this means when a man borrowing money from his father, he will fell dependent on the father, but the man will not have the same feeling if he gets the money from the company. Is really important to find some ways to help the poor people in their life, in order to be the best community.

Secondly, companies as a cash advance company allow the poor people to have loans and save their time. A lot of poor people are having troubles on banks loans or having a bad history on their social security number. That makes them not allow to have another loan from any bank, but companies as cash advance company. For example, when who needs a loan goes to another bank and apply for a new loan, they will verify his credit card history. Then he or she are not going to be accepted for a new loan because he or she already has one. However, if who needs a loan goes to cash advance companies they will not ask for many requirements. It just about writing a check and having a job and social security number with no difference on its history. Furthermore, another great thing is the time these kinds of companies are saving for the poor people. For example, if a broke person need money, bank’s loan will takes him a long time to get his or her money funded. However, cash advance companies will give him or her the money at the time her or she asks for if all the requirements are met. Finally, it is such a good thing to find this kind of company makes the ability to having money easier for the poor people.

Thirdly, business is business and the economic system of United States of America is capitalism, which is the freedom. Companies can put the price they want for their product: food, cars, money, clothes, and any kind of other products, and fees are one kind of products. For example, if a businessman start a business in food products he will have the right to price his product, and the customer have the right to buy it or not. Furthermore, businessmen should be careful on how they can pay their employees salary from the company benefits. For example, if a businessman opens a company the first thing he will care of is how much e is going to give his employee as a monthly salary. This monthly salary should be taken off the benefit or he will be losing his money because he will add more money from his own money to pay the salaries.
In conclusion, it is high fee for a loan, but it is worth it to pay a huge fee to have freedom. Furthermore, it is the easiest way to have a loan on this life. Finally, it is all back to the owners of the company, ether he or she will keep the fee as it or decrees it. However, nobody will keep in business if he cannot afford to buy all his or her bill.

Reference

Hull, P. (2007, January 19). Bill would limit payday lending; Measure aims to cap fees, restrict numbers of loans borrower carry. The Post and Courier. Retrieved April 10, 2007, from LexisNexis Academic.

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