The upgrade is partially completed at this point, and you should be able to notice the performance difference (no more page errors and such). By the end of the week, everything should be moved over – in fact, I’m planning on spending this weekend doing some programming to improve performance even more.
So, with that being said, I’ve been researching payday loans lately because I’m torn on them. I recently turned down a lucrative proposal from a payday lender to advertise on The Simple Dollar because I’m uncomfortable selling advertising for services that run contrary to what I discuss on this site, but it was this process that got me thinking about such loans. For me, payday loans seem like an atrocious solution to a problem, as their interest rates border on the insane – you’re pretty much throwing money away if you get one. However, it isn’t hard for me to envision situations – even ones that I’ve observed – where even people who know better are reduced to no other choice. I’ve talked to many readers of mine scraping by on minimum wage and they’re wondering what they’re supposed to do when emergencies strike when they have no breathing room at all in their budget – and there is no really good answer to this other than the usual bromides of “get a better job” that really don’t solve the situation. Peruse these links, and please leave your thoughts in the comments.
The Dangers of the Payday Loan Trap A pretty standard description of the bad aspects of payday loans. (@ get rich slowly)
Why Payday Loans Are A Really Bad Idea Want to watch a video saying much the same thing? Here you go! (@ dual income no kids)
Avoiding Payday Loans “What are the alternatives to payday lending? CreditPro suggests: Taking and advance on a credit card, asking family for a loan (in writing), contacting the companies to whom you owe money and negotiating with them, contacting a local credit union, basically anything other than using payday loans.” Their post on payday lenders merely being a symptom is also illustrative. (@ the consumerist)
The problem I’m still having is realistic solutions for minimum wage earners who are in a situation where they don’t have the money to make ends meet. Where do they go? What do they do? Where do lenders like Prosper.com fit into this? I have a lot of faith that there are good long-term solutions to this problem (in fact, expect an explanation of a solution I have next week), but right now there is no easy answer that currently exists in the United States.