Starting with one of their most basic assertions that a Payday Loan leads to a cycle of debt. Please ask them to explain how the least costly option for someone urgently needing access to cash cause them to be trapped in debt? The least costly method (payday loans) should provide the path out of the trap. If a borrower can not pay off a loan, then they would also have even less hope of getting their bank account into a positive balance as the banks charge even greater fees, fees which could go toward paying off the principle of the loan.
And please, do not promote banks and credit unions as better options. Their process requires too much time for those in need to benefit from such loans products. Remember, too, those credit options are only available to those who have taken the time to create proper financial relationships and a credit score in advance of the need.
And also, please do not tell payday borrowers that they should sacrifice their dignity or put stress on their personal relationships by asking friends or family for money. Who of you reading this would want to be on either side of that conversation?
It is time for payday detractors to be honest and speak in the common language of the true dollar cost and benefit to those using payday loan products. Very simply, Payday Loans are so popular because the work so well for so many of our customers. Our customers have figured it out, now it’s the detractors turn to do the same and quit telling people that they know better than the customer themselves.