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By: Michael Gatti

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Monday, 17-Jan-2011 20:20 Email | Share | | Bookmark
Ethics and Morality - The Quid Loans Industry

 
A Quid Loan is a unique type of financial product that has garnered a great deal of media coverage over the last decade or so. Why has it garnered such advertising? What is it about Payday Loans that arouses such obsessive vitriol from certain segments of the residents? Payday Loans have received a great deal of advertising mainly because they are used as source of credit for people from lower-income brackets and are, more often than not, the only form of credit open to such people. Because of this, Payday Loan Companies have achieve a great deal of notoriety and have been framed as something of a Sheriff of Nottingham figure, particular in relation to the APR that accompanies your average Payday Loan.
Payday Advance Loans offer financing to certain segments of the population that otherwise have no options available to them. Payday Advance Loans work by offering a small lump sum of cash, in the UK this sum is normally up to the value of £750 but sometimes higher, in exchange for an contract signed by the debtor that concludes the money must be returned to the Payday Advance Company by a specified date. That date is generally one in the short-term future - the average Payday Advance Loan last no longer than a couple of weeks. The main arguments levied against Payday Loan Companies include the methods used by Payday Loan Companies to collect outstanding debt, the extortionate level of APR charged and the target markets that so many Cash Advance Companies decide to direct their products at.

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