When you are online doing research and you come across a study that was put out by someone with an official sounding name would you think twice about the legitimacy of it? You should. It turns out there is a fraudulent payday loan survey circulating the internet that you need to watch for.
On the first of April The Insight Community Center for Community Economic Development released a study that was titled “The Net Economic Impact of Payday Lending in the U.S.”. Most people who initially read this study took it to be truthful. Do not be one of those people. This is just one of many fraudulent studies that this company has released. They make up complete fiction and put it out in the form of a study and tried to pass it off as truth.
This fraudulent survey tried to say that when you put money into the economy, that it does not go back into the economy it just simply disappears. Those who know anything about the economy knows that this is not true. If you have a job you know that every two weeks you get paid, and once you get paid you turn around and spend that money on bills and necessities. If you have money left over after putting money into savings accounts, you may go spend it. all of that, from paying your bills, to spending money, is putting money into the economy.
The author of this study wanted to try and prove that payday loans cause the loss of jobs. In an attempt to prove this he tried to convince the readers that a job is not actually a job but that it does count as one. That statement could leave many of you scratching your head. What does that even mean? You go to work at a real place, you do real work while there, and then you get paid real money, so how is it not a real job? It simply makes no sense, which goes along with all of the other so called “facts” that were made up for this survey.
The author of this survey does not understand the need for credit. The author insists that if people were not making interest payments the money would be spent on goods and services. What the author fails to realize however is, that there is a reason those people have gone and gotten the payday loan in the first place. There is a need for credit in this country and that is why there are payday lenders in the first place. They are there to help those who need it.
The author is also trying to blame bankruptcies on payday lenders. This is outrageous. Bankruptcies happen because people do not have the money to pay the bills that they have. This typically happens because they have a hard time managing their own money. It may be true that some of them have used payday lenders to help them out, but the fact that they have filed bankruptcy has nothing to do with the payday lender at all. It is all on the person who is filing for bankruptcy.
You must remember the name The Insight Community Center for Community Economic Development. If you come across a survey that was put out by them you can be sure that it is a work of fiction and that you cannot trust it. Do not use it as a reliable source, as you could find yourself in trouble as well. They make up their own “facts” and tell you whatever they feel like. Do your own research and make sure you find the truth.