I now a lot of us are experiencing financial difficulties right now. If you are not, I don’t where you are right now. Here, we experience delayed payment on our bills. Life is not that easy the past couple of weeks. Commodities are getting more expensive everyday. I remember last year, a kilo of chicken is only 120 in Philippine Peso. This year, a kilo of chicken is somewhere between 150 to 200 PhP. The price hike of staple products are getting crazy. Now, I wonder what happens to less fortunate people. I know that in the US, people avail of online payday loans to help them with their finances. This is a small and short time kind of loan. An applicant will need to fill out necessary documents before the loan is released. And when payday comes, the loan payment is electronically withdrawn on the borrower’s account.
In most financial institution, they require a check from the borrower before they release the money. But there are some companies which have no credit check loans policy. Now, people who needs to take out a payday loan, won’t have to worry about checks in order to avail a loan. If only there would be a program like this here in our country, it can help a lot of people.
From what I heard though, in poor areas, there is this loan system that they do. The lender will take a hold of the atm cards of the borrower. And the lender will be the one to withdraw the money on payday and will only give what is left after the lender deducted the payment.
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