An often unrecognized and simply ignored aspect of the mushrooming payday loan industry is the fact that it has spurned job creation in a big way, not only in America but indeed across all parts of the world where payday loans have become popular, such as the UK in particular.
This is an aspect which ‘Neigh Sayers’ of the industry simply cannot deny and indeed ends up being a major reason for which payday loans as a whole must be encouraged wholeheartedly.
At the end of the day, it is simply not acceptable that there are administrations, especially in the US which seem to be opposed to the very concept of small cash advances such as payday loans when there are literally hundreds and thousands of different individuals without a regular source of credit, as and when they need it.
With regard to job creation, imagine that every center doling out payday loans has adequate staff on board, for aspects such as customer service, loan application appraisal, and so on. Further, at the back end, there are other individuals who keep track of their existing customers, with regard to say timely repayment receipts and so on.
Altogether, we find that it clearly makes a compelling case of payday loans to in fact exist the way they do.
Accordingly, the administration in particular should not ignore this very important element of job creation on the part of the payday loans industry by any means. Rather it should emphatically work towards encouraging this sector which has allowed prosperity to percolate down to far more marginalized sections of society – one which is in desperate need of funds and at the same time, has really limited means to actually fulfill its basic wishes of leading a life of dignity and respect, without having to be a constant liability on others.