There is no doubt that over the years bad credit loans have become more than a target of loathing and scorn at the corporate and legislative levels. People who are seeking to get more money for one reason or another on both sides of the coin in these financially troubling days. But there is a argument for the use of these loans, regulated by common sense, or by legislative means? This is the question that is being currently but the bear in our nation’s courts and legislature.
Whether an individual has the right to take out funding when one needs it, and exercise his or her common sense is the crux of the question. Or perhaps the other side of the coin would be a more likely scenario for those in the higher ranks of office. Perhaps it would be better for them if legislation in laws prevent what is considered abuse in the loan industry.
But while this debate on bad credit loans rages on, there are many factors that are dealt with in everyday life by consumer of our banking system that have not been addressed by our nation’s law establishment. One thing that has never been addressed is the question is the issues regarding overdraft fees. In many cases, overdraft fees can cost a user more percentage wise then even a payday loan. And because of our nation’s infrastructure in the banking industry, those abuses are likely to continue into the foreseeable future with no relief in sight.
Consider that a user of a bank account can be charged up to $30 for overdraft, regardless of the amount that is being assessed the charge. In other words, a user can be short by just a few dollars, and in many cases a lower amount than that, but still be charged $30. On top of that, many banks use a system where a debt is reintroduced to a bank account numerous times over the course of days or weeks.
In a matter of a few days, a ordinary bank user can be assessed hundreds of dollars in overdraft fees with no recourse. In many of these cases, people abandon their bank accounts completely or try to find another bank accounts.
Unfortunately, with the banking system, there are checks and balances established between different banking institutions that would not allow a user who has an overdraft of several hundred dollars to open an account with another bake in the near future without settling the first debt.
This happens all the time, and happens every day in our nation’s banks and institutions. But, yet again, nothing is done to help these people who are undergoing this financial nightmare. Can I get a private loan with bad credit?
Perhaps more resources and time could be better spent observing the intricacies of our bank system and the loopholes that put people in poverty in distress, rather than picking on an industry where people have freedom of choice to pick a loan, the interest thereof, and the like. Perhaps it would do the consumer better just as good in the long run, and in return, help us all as a community.